{"id":70942,"date":"2022-12-04T10:07:16","date_gmt":"2022-12-04T08:07:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70942"},"modified":"2025-09-08T05:09:27","modified_gmt":"2025-09-08T02:09:27","slug":"ft-reports-genesis-and-dcg-owe-gemini-clients-900-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\/","title":{"rendered":"FT reports Genesis and DCG owe Gemini clients $900 million"},"content":{"rendered":"<p>The cryptocurrency broker Genesis Global Capital and its parent company Digital Currency Group (DCG) owe Gemini clients $900 million. The <a href=\\\"https:\/\/www.ft.com\/content\/32977a99-c1c3-4f34-9ecc-4057217bf974\\\">Financial Times<\/a> reports, citing sources familiar with the matter.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>On November 16, Genesis Global Capital <a href=\"https:\/\/u1f987.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\">froze<\/a> withdrawals and the issuance of new loans. This occurred amid heightened withdrawal requests from clients after the FTX collapse.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The OTC platform is a partner of Gemini&#8217;s Earn lending program.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to FT sources, the Winklevoss twins&#8217; exchange is trying to return client assets. To this end, it has formed a creditors&#8217; committee.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Sources told the paper that Genesis Global Capital <a href=\"https:\/\/u1f987.com\/en\/news\/nyt-genesis-does-not-rule-out-bankruptcy\">reported<\/a> the engagement of Moelis &#038; Company. According to the publication, the broker is studying various options, including bankruptcy.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, The Wall Street Journal <a href=\"https:\/\/u1f987.com\/en\/news\/genesis-global-capital-sought-emergency-financing-of-1-billion-reports-say\">wrote<\/a> that Genesis Global Capital requested emergency financing of $1 billion. According to the paper, the platform continued to withdraw deposits &#8216;primarily through retail programs and Genesis&#8217;s partners (for example, Gemini Earn), as well as institutional clients&#8217;.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Several US regulators are examining possible violations of law by Genesis Global Capital.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency broker Genesis Global Capital and its parent company Digital Currency Group (DCG) owe Gemini clients $900 million. The Financial Times reports.<\/p>\n","protected":false},"author":1,"featured_media":70943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[719,1380],"class_list":["post-70942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gemini","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70942"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70942\/revisions"}],"predecessor-version":[{"id":70944,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70942\/revisions\/70944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70943"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}