Recently, Financial Times According to a report from the Financial Times, Gemini was trying to regain funds by creating a creditors’ committee to address the liquidity issues of Genesis Global Capital. Sources close to customers and reporters said that the exchange was aiming to recover funds by forming a committee. 31 days after Gemini paused the Earn program, Cameron Winklevoss tweeted that he had formed a committee with Houlihan Lokey as a financial advisor.
Gemini Aims to “provide a path for the recovery of funds” With the new creditors’ committee and Houlihan Lokey advisor
On December 17, 2022, Gemini co-founder Cameron Winklevoss tweeted An update about the Earn program. “Earnings Update: Houlihan Lokey, the financial adviser to the Creditors’ Committee, has begun advocating a plan to resolve liquidity issues at Genesis and DCG and provide a path for fund recovery,” Winklevoss said.
The bitcoin exchange had ceased the Earn program on November 16, 2022, citing the company’s lending partner. Genesis Global Capital Also, it had halted withdrawals. “We are working with the Genesis team to help customers redeem their Earn funds as quickly as possible,” Gemini said at the time.
Genesis FTX contagion, and a unit from the company was granted a seat on the official creditors panel for the FTX bankruptcy case. According to FT and Genesis, he also asked for $1 billion from investors. Wall Street Journal (WSJ) sources. However, it should be noted that the committee is still in its infancy, as pointed out in Winklevoss’ tweet on Saturday.
“It is still early stage and discussions are ongoing, however we will update you as soon as more information is available,” Winklevoss said.
Moreover, Gemini’s problems with Genesis The company also suffered a data breach. Sources indicated that 5.7 million were involved. Gemini Emails and phone numbers, including partially redacted numbers, were leaked. Reports also indicated that the files had been uploaded to hacker forums. Houlihan Lokey It is an independent financial services and investment bank that runs one of the most extensive financial restructuring programs in the world.
What What do you think? Cameron Winklevoss That is what is said Houlihan Lokey As an advisor, can you collaborate with the creditors’ committee? Let Let us know your thoughts on the matter by leaving comments below.
