DCG and Genesis Owe $900M to Customers of Crypto Exchange Gemini

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Genesis Global Capital and its parent company Digital Currency Group (DCG) owe $900 million to clients of US-based crypto exchange Gemini, the Financial Times has reported.

Genesis Trading (part of DCG) froze the withdrawal of funds and the issuance of new loans on November 16 amid “increased demand” from customers following the collapse of FTX.

Remember the platform is a partner of Gemini’s Earn Landing Program.

The exchange has formed a committee of creditors to return client assets.

Genesis Global Capital has hired Moelis & Company to look for potential solutions.