US-based crypto company Genesis, crypto exchange Geminito customers of 900 milliondollars borrowed.
In these days when the crypto bear market continues, the effects of bankruptcy and collapse events are felt heavily. FTX, one of the largest cryptocurrency exchanges in the world, has brought the market into a new era with the liquidity crisis and bankruptcy process. In this new era, cryptocurrency exchanges have focused on transparency and proof-of-reserve systems. In the thriving and adopted crypto industry, bankruptcies are incessant. Finally Genesis, came to the fore again amid bankruptcy and debt claims. Financial TimesAccording to the news of GenesisThe company owes a significant debt to Gemini customers.
Genesis and Digital Currency Group Owe to Gemini Customers
crypto company Genesis stated that it has entered difficult processes and put the sector in danger. Company, Earnfor protocol Gemini works with the stock market. Recently Gemini, Earnannounced that he was affected by problems due to the protocol.
Genesisand its parent company Digital Currency Group is working hard to overcome the liquidity crisis. But in the midst of all these processes, $900 million of Gemini customers are stuck with the distressed company.
Gemini exchange is trying to get the funds back. In addition, the creditors committee formed by the exchange took action to compensate the assets. It is expected that $ 900 million, which is stated as client assets of the exchange, will be covered by the troubled company.
