• Genesis Global Trading, a crypto lender and market maker, is facing financial issues and has halted withdrawals.
• Interim CEO Derar Islim has sent a letter to clients asking for more time to resolve the crisis.
• Barry Silbert, the CEO of Genesis‘ parent company Digital Currency Group, has been involved in a Twitter altercation with the co-founder of Gemini, Cameron Winklevoss, over the situation at Genesis.
Genesis Global Trading, a crypto lender and market maker, is currently facing financial issues and has had to halt withdrawals. This has prompted the company’s interim CEO, Derar Islim, to send a letter to clients asking for more time to resolve the crisis. The letter comes a few days after Barry Silbert, the CEO of Genesis‘ parent company Digital Currency Group, engaged in a Twitter altercation with the co-founder of Gemini, Cameron Winklevoss.
The dispute between Silbert and Winklevoss began when Gemini clients using the Gemini Earn product were affected by the halted withdrawals. Winklevoss criticized how Silbert handled the situation, and noted that clients of the Gemini Earn product were owed $900 million by Genesis. Winklevoss gave Silbert a January 8 deadline to resolve the issue and said that the exchange had sent several proposals to Genesis for resolving the lender’s financial issues, but Genesis never acknowledged any of the proposals.
In response to the situation, Islim sent a letter to clients on January 4, asking for more time while they work to resolve the crisis. Islim stated that the process was „very complex“ and would take some additional time. He added that the company was committed to moving as fast as possible to come to a resolution.
The financial crisis at Genesis is said to have been caused by the collapse of FTX, a cryptocurrency derivatives exchange. Since then, the company has been unable to process withdrawals and has been struggling to stay afloat. The situation has caused much uncertainty in the cryptocurrency market and many are hoping that Genesis will be able to find a resolution soon.
For now, it remains to be seen what the outcome of the situation will be. All eyes are on Genesis and Digital Currency Group as they attempt to navigate their way out of the crisis. Only time will tell if they will be able to come up with a satisfactory solution for all parties involved.
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