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Monday, Jan 30, 2023

The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says

The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says

Tyler and Cameron Winklevoss's Gemini is trying to get its customers' funds back from Genesis and DCG, the Financial Times reported.
A crypto exchange run by the Winklevoss twins is owed $900 million by Genesis, a crypto broker, and its parent company Digital Currency Group, the Financial Times reported.

Genesis, which has $2.8 billion in active loans according to its website, tweeted that redemptions and new loans were being paused on November 16. The company cited "unprecedented market turmoil" resulting in a lack of disposable funds. 

Gemini has a crypto lending product through its partnership with Genesis, which acts as its broker. 

Genesis was caught up in the collapse of FTX and Gemini, the platform co-founded by Tyler and Cameron Winklevoss, is trying to recover its customers' funds, according to the FT.

Gemini has created a committee made up of creditors to try to reclaim its funds from Genesis and DCG. Genesis has been trying to raise emergency funds and hired an investment bank to look at potential solutions to repay the funds, the newspaper reported.

After the FTX fallout where it was made public that the company was missing at least $1 billion in customer funds, Gemini tweeted to assure its own customers that it held their digital assets in accounts that are separate from its own assets.

Gemini tweeted on November 29: "We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. We are more confident than ever that asking for permission, not for forgiveness — is the right way to build trust with you and a lasting business."

Gemini was founded in 2014 by the Winklevoss twins and it was the first US-based licensed Ethereum exchange.

Genesis and Gemini did not immediately respond to requests for comment from Insider.
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