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Gemini Withdrew About $282 Million From Genesis Before It Went Bankrupt

According to sources cited by Bloomberg on September 28th, Gemini Trust Co. withdrew hundreds of millions of dollars from Genesis Global Holdco LLC months before Genesis froze deposits and eventually filed for bankruptcy. In August 2022, Gemini extracted approximately $282 million worth of cryptocurrency from Genesis.

These funds were used to build a reserve to ensure that Gemini Earn customers could redeem immediately without funds flowing directly to Gemini's billionaire founders, the Winklevoss twins. In the days following the collapse of FTX, Genesis froze customer withdrawals. In January of this year, it filed for Chapter 11 bankruptcy protection in New York. Since the initial withdrawal freeze, Gemini, Genesis, and their parent company Digital Currency Group have been negotiating a settlement.

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