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Crypto broker Genesis owes Winklevoss exchange's customers $900 million
By Nikou Asgeri and Joshua Oliver
Financial Times, London
Saturday, December 3, 2022
Digital asset trading group Genesis and its parent company Digital Currency Group owe customers of the Winklevoss twins' crypto exchange $900 million as the collapse of FTX reverberates across the market.
New York crypto exchange Gemini, run by Tyler and Cameron Winklevoss, is trying to recover the funds after Genesis was wrongfooted by last month's failure of Sam Bankman-Fried's FTX crypto group, according to people familiar with the matter.
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Gemini's bid to recover the funds underscores how the crypto lending market, where investors lend out their coins in exchange for high rates of return, sits at the centre of the industry's credit crunch.
Genesis is the main partner in Gemini's "earn" programme, where retail investors lend out their coins in exchange for a fixed stream of returns. Gemini halted withdrawals from the scheme last month after Genesis said "unprecedented market turmoil" meant it did not have sufficient liquidity to make good on all of its redemption requests. ...
... For the remainder of the report:
https://www.ft.com/content/32977a99-c1c3-4f34-9ecc-4057217bf974
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