Did Gemini offer a loan to Genesis?

According to the complaint, in December 2020, Genesis, part of a subsidiary of Digital Currency Group, entered into an agreement with Gemini to offer Gemini customers, including retail investors in the United States, an opportunity to loan their crypto assets to Genesis in exchange for Genesis’ promise to pay interest.

Are Genesis & Gemini bankrupt?

Those companies are not bankrupt. The week before Genesis filed for bankruptcy, the U.S. Securities and Exchange Commission charged Genesis and Gemini with illegally selling unregistered securities through their Gemini Earn lending product. Our Standards: The Thomson Reuters Trust Principles.

Are Gemini & Genesis at odds?

Gemini and Genesis have been at odds in recent months since Genesis suspended customer withdrawals. Gemini co-founder Cameron Winklevoss on Tuesday published an open letter calling for the firing of Barry Silbert, chief executive of DCG. Tyler and Cameron Winklevoss founded the Gemini exchange in 2014.

Did Genesis and Gemini make a misstep?

Here are the facts behind the agreements that led to a possible misstep, according to Leto's declaration: Aug. 15, Genesis pledged 30.9 million shares of the Grayscale Bitcoin Trust (GBTC) to Gemini to secure its debt. Nov. 7, Genesis and Gemini extended terms of the debt agreement.