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Gemini Exchange Seeks to Retrieve $900 Million from Crypto Lender Genesis

Cryptocurrency exchange Gemini is trying to recover the $900 million it had paid in loan to crypto broker Genesis and its parent company Digital Currency Group (DCG). 

According to a Financial Times report, the Winklevoss twins' crypto exchange is seeking to retrieve the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto platform. 

Barry Silbert, founder of DCG, told shareholders in a letter last month that the company owes $575 million to Genesis Global Capital, the lending arm of Genesis. The loan, due in May 2023, was used to “fund investment opportunities” and repurchase stock from non-employee shareholders.

The loan was reportedly issued after Digital Currency Group took over Genesis’ exposure from the Three Arrows Capital default. Back in July, Genesis Global Trading CEO Michael Moro said bankrupt 3AC was the large counterparty that failed to meet a large margin call. 

(By Ruholamin Haqshanas)

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