Genesis, which filed for bankruptcy today, was in dispute with Gemini exchange. As per the exchange, Genesis owes nearly $900 million to Gemini customers due to its lending product, Earn. While Genesis filed for bankruptcy today it claimed that the first’s liabilities and assets are nearly $1 billion to $10 billion along with 100,000 creditors. The Genesis Global Holdco bankruptcy was followed by its lead business associates, Genesis Global Capital and Genesis Asia Pacific.
Gemini Exchange To Sue Genesis ?
Now, Cameron Winklevoss, Gemini co-founder has threatened to sue Genesis Global along with its parent company, Digital Currency Group. This was confirmed via Cameron’s Twitter account.
As per Cameron, Genesis and Digital Currency Group are using scam as a reason to get rid of $900 million payment to Genesis. Also Cameron explained that the Genesis bankruptcy was much needed as it will help recover Gemenin Earn Users funds.
Followed by Cameron’s threat to sue Genesis, the Crypto lending firm is reported to be planning to complete the bankruptcy by May 19. Furthermore, Cameron has also mentioned that the firm will consider every option to get their funds back from Silbert and DCG.
However, Silbert has not made any statement on what will be his further steps towards DCG’s subsidiaries such as Grayscale Bitcoin Trust, one of the globe’s largest Bitcoin funds.
Meanwhile, the crypto market is moving ahead without any effects with the latest bankruptcy filing. The star cryptocurrency, Bitcoin has claimed a much awaited price trade of $21.5K while Ethereum has managed to surpass the $1.5K area.
Source: https://coinpedia.org/news/another-day-another-bankruptcy-genesis-to-wind-up-its-bankruptcy-by-may/