GenesisThere is an increase in the amount of debt arising after the lending platform of .
Recently, Gemini, a cryptocurrency exchange affiliated with Genesis, Earn A group of customers using the program reportedly received $900 million in credit after Genesis’ lending unit stopped customer withdrawals on November 16. Things are not looking good for Genesis’ lending platform.
Genesis Owes Two More Companies
Genesis previously reportedly owed $900 million GeminiIn addition to the client group, there are two other groups of creditors represented by lawyers.
According to a person familiar with the matter, customers locked in Genesis and seeking legal advice on the matter currently account for approximately $1.8 billion in loans. And this number is expected to increase.
In a different source, the law firm of a second group that is a creditor to Genesis and has $900 million in loans. Proskauer Rose He said he was represented by The amount of credit owed by the third group is unknown. The second source is also the Gemini customer group. Latham & WatkinsHe said he was represented by a law firm.
In a letter to investors on November 23, Genesis stated:
“To agree on a solution that supports the overall liquidity of our loan business and meets the needs of clients; We have started discussions with potential investors and our biggest creditors and debtors, including Gemini and DCG [Digital Currency Group].”
