1 year ago
Crypto broker Genesis allegedly owes $900 cardinal to clients of cryptocurrency speech Gemini alone.
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Cryptocurrency broker Genesis Global allegedly owes its creditors much than $3 billion, according to a caller study published by the Financial Times connected Jan. 12. Its parent, Digital Currency Group (DCG), which besides owns Grayscale Investments and its bid of integer plus trusts, seeks to merchantability portion of its task superior holdings to offset the shortfall.
According to radical acquainted with the matter, DCG's task limb has much than 200 crypto-related projects "such arsenic exchanges, banks, and custodians successful astatine slightest 35 countries" with a full valuation of astir $500 million.
Cointelegraph antecedently reported connected Nov.16, 2022, that Genesis Global halted withdrawals citing "unprecedented marketplace turmoil." At the time, the institution reportedly had $175 million worthy of funds stuck connected FTX and had already received a $ 140 cardinal equity infusion to screen losses.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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