Gemini And Financial Advisors Working On A Plan To Solve Genesis And DCG’s Liquidity Issues

Gemini is working with Credit Commission financial advisors to help develop a plan to address Genesis and DCG’s liquidity issues. The goal of returning money to users will be at the forefront.

On December 17, the CEO of Gemini announced on his personal Twitter account that their company is working with the financial advisors of the Creditors Committee to find a solution to the liquidity problems of Genesis and DCG.

The cryptocurrency exchange briefly halted the Earn program on December 16, and it also said that the company’s borrowing partner Genesis Global Capital also briefly stopped withdrawals. “We are working with the Genesis team to help customers exchange money from the Earn Money program as quickly as possible,” Gemini announced at the time.

Genesis had a really hard time going through the collapse of FTX, and the company’s system was also granted authority on the boards of major financial institutions to FTX’s individual bankruptcy cases. Reportedly, Genesis has also received $1 billion in funding from investors, according to Foot and Wall Street Journal (WSJ) sources. Winklevoss’ tweet on Saturday also noted that the board is still active.

A proposed plan is gaining support, however this is still an early stage and discussions are ongoing and any information will be updated.

It is known that Houlihan Lokey is an American multinational independent financial services and investment banking company in its main service areas including mergers and acquisitions, capital markets, financial restructuring and valuation.

In an earlier newsletter on December 6, Cameron Winklevoss said Gemini and other creditors have formed a creditor committee to work together to resolve the issue. Returning money to customers is the company’s top priority.

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