Genesis’ CEO Informs Clients It Needs More Time To Solve The $900M Locked Funds

Key Points:

• Genesis stated in a letter to clients on January 4 that it will continue to focus on identifying lending/loan business solutions and will continue to collaborate with experts.
• The firm would soon find a solution to this problem.

Genesis said in a letter to clients on January 4 that it will continue to engage with specialists to find financing alternatives. Despite the team’s best efforts, this difficult surgery will take time.

On January 4, Genesis indicated in a letter to clients that it will continue to focus on identifying solutions for the lending/loan business and will continue to work with experts. While the team is determined to move as rapidly as possible, this is a very complex procedure that will take some time. They promised that the company would soon come up with a solution to this problem.

The interim CEO of Genesis Global Trading, the cryptocurrency brokerage and lender that was forced to cease withdrawals in November, has stated that the company requires additional time to sort out its difficult financial situation. “While we are committed to moving as swiftly as feasible,” Derar Islim wrote in a letter to clients on Wednesday.

Following the FTX crash in November, Genesis secured $900 million in funds from Gemini retail crypto brokerage clients. Amid speculations of an imminent solution or perhaps a bankruptcy declaration, Genesis stated in early December that a settlement would most likely take “weeks” rather than days.

On Monday of this week, Gemini co-founder Cameron Winklevoss slammed DCG CEO Barry Silbert for using “bad faith stall tactics.” Winklevoss also accused DCG CEO Barry Silbert of misusing $1.675 billion in funds that Winklevoss claimed DCG “owed” Genesis for purposes other than repaying creditors.

DCG does have a promissory note in the amount of $1.1 billion that is related to liabilities from Genesis relating to the default of Three Arrows Capital, and in November Silbert indicated in a statement to shareholders that DCG has a liability to Genesis Global in the amount of approximately $575 million that is due in May of this year.

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