{"id":580611,"date":"2023-01-20T13:26:22","date_gmt":"2023-01-20T13:26:22","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=580611"},"modified":"2023-01-20T13:26:43","modified_gmt":"2023-01-20T13:26:43","slug":"gemini-genesis-winklevoss-dcg-lawsuit","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/gemini-genesis-winklevoss-dcg-lawsuit\/","title":{"rendered":"Gemini Tops Genesis Creditors List With $766 Million Claim, Winklevoss Teases DCG Lawsuit"},"content":{"rendered":"\n<p>Summary: <\/p>\n\n\n\n<ul><li>Genesis filed for bankruptcy protection late on Thursday revealing $3.6 billion owed to the top 50 creditors.<\/li><li>Top unsecured claimants included Gemini, Babel Finance, VanEck, and Cumberland among others.<\/li><li>Gemini President Cameron Winklevoss once again threatened legal against Genesis&#8217;s parent company DCG and CEO Barry Silbert.\u00a0<\/li><\/ul>\n\n\n\n<p>The Winklevii Founded Gemini was <a href=\"https:\/\/restructuring.ra.kroll.com\/genesis\/Home-DownloadPDF?id1=MTQzOTA3OQ==&amp;id2=-1\" rel=\"nofollow noopener\">named<\/a> a top creditor in a list of unsecured claims published by bankrupt crypto lender Genesis Global. Genesis filed for bankruptcy late on Thursday roughly two months after the imposition of the crypto exchange FTX.\u00a0<\/p>\n\n\n\n<p>According to the court filing submitted in the Southern District of New York, Genesis owes over $3.6 billion to its top 50 unsecured creditors. The crypto lender also confirmed between $1 billion and $10 billion in assets and liabilities. The filing covers Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd, and Genesis Global Capital LLC which served as the partner firm for Gemini\u2019s beleaguered Earn product.&nbsp;<\/p>\n\n\n\n<p>Thursday\u2019s unsecured claims list noted that Gemini is owed $766 million. Two other creditors are owed a combined $692.2 million but both names were redacted in the court filing. Other members of the top 50 creditors category include Mirana Corp (owed $151 million), Babel Finance (owed $150 million),&nbsp; and VanEck New Finance Income Fund (owed $53 million) to name a few.&nbsp;<\/p>\n\n\n\n<p>The DCG subsidiary said the late filing was a \u201cstrategic action to achieve a global resolution to maximize value for all clients and stakeholders\u201d. The filing comes a few months after the fall of FTX and uncertainty surrounding the lenders\u2019 parent company Digital Currency Group (DCG)<\/p>\n\n\n\n<h2>Winklevoss Threatens Lawsuit Against Genesis Parent Company DCG<\/h2>\n\n\n\n<p>Gemini President Cameron Winklevoss threatened to sue the crypto lenders&#8217; parent company DCG and its CEO Barry Silbert for lying to investors about the company\u2019s financial health. Cameron tweeted on Friday that the bankruptcy filing \u201cdoes not insulate Barry, DCG, and any other wrongdoers from accountability\u201d.\u00a0<\/p>\n\n\n\n<p>Both parties engaged <a href=\"https:\/\/en.ethereumworldnews.com\/gemini-barry-silberts-resignation-dcg\/\">embroiled<\/a> in a public spat ever since Genesis Global Capital paused withdrawals, essentially cutting off liquidity for Gemini\u2019s Earn program and its 340,000+ users. The crypto lender supposedly buckled amid back-to-back exposure to crippled entities Three Arrows Capital and Sam Bankman-Fried\u2019s FTX exchange.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">6\/ Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently.<\/p>&mdash; Cameron Winklevoss (@cameron) <a href=\"https:\/\/twitter.com\/cameron\/status\/1616302998736756737?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 20, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Furthermore, Thursday\u2019s filing raises questions regarding <a href=\"https:\/\/en.ethereumworldnews.com\/coinbase-confirmed-grayscale-gbtc\/\">Grayscale\u2019s<\/a> Bitcoin Trust (GBTC) product, another entity owned by DCG. Crypto participants have expressed worries that bankruptcy proceedings could have a domino effect on the company\u2019s massive BTC holdings which exceed 600,000 at press time.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Genesis filed for bankruptcy protection late on Thursday revealing $3.6 billion owed to the top 50 creditors. Top unsecured claimants included Gemini, Babel Finance, VanEck, and Cumberland among others. Gemini President Cameron Winklevoss once again threatened legal against Genesis&#8217;s parent company DCG and CEO Barry Silbert.\u00a0 The Winklevii Founded Gemini was named a top creditor in a list of unsecured claims published by bankrupt crypto lender Genesis Global. Genesis filed for bankruptcy late on Thursday roughly two months after [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":574370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947,2],"tags":[108187,108626,108220],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580611"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=580611"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580611\/revisions"}],"predecessor-version":[{"id":580614,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580611\/revisions\/580614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/574370"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=580611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=580611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=580611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}