Derar Islim, interim CEO of crypto market maker and lender Genesis, has sent a letter to clients updating them on the company\u2019s efforts to prop up its finances and resume withdrawals and new lending. The letter, sent on Jan. 4, comes two days after a Twitter exchange between Barry Silbert, CEO of Genesis\u2019 owner the Digital Currency Group, and Cameron Winklevoss, cofounder of the Gemini crypto exchange, in which Winklevoss criticized Genesis\u2019 handling of its problems.<\/p>\n
\u201cWe believe was can arrive at a solution,\u201d Islim wrote in the letter, according to a report in Bloomberg on Dec. 4. Nonetheless, Islim said:<\/p>\n
\u201cWhile we are committed to moving as quickly as possible, this is a very complex process that will take some additional time.\u201d<\/p><\/blockquote>\n
Winklevoss posted an open letter to Silbert on Twitter on Jan. 2 accusing him of \u201cengaging in bad faith stall tactics\u201d with regard to Genesis\u2019 $900 million debt to Gemini. \u201cWe are asking you to publicly commit to working together to solve this problem by January 8th, 2023,\u201d Winklevoss added. He repeated the request in the thread, but Silbert did not acknowledge it.<\/p>\n
Genesis\u2019 current financial issues stem from funds locked in its FTX trading account. The company stated Nov. 10 that it had around $175 million in its account that was no longer accessible. Genesis halted withdrawals\u00a0on\u00a0Nov. 16 and reportedly brought in investment bank Moelis & Company to consult on restructuring the following week. <\/p>\n
Islim told clients in a letter dated Dec. 7 that, \u201cit will take additional weeks rather than days for us to arrive at a path forward\u201d to financial recovery. <\/p>\n
Related: Grayscale ETH trust nears record 60% discount as nerves continue over DCG<\/em><\/strong><\/p>\nGemini engaged investment bank Houlihan Lokey to help it create a plan to \u201cresolve the liquidity issues\u201d that prevented Genesis from paying $900 million reportedly owed to members of Gemini\u2019s Earn program. Winklevoss set a one-week deadline for a response the plan on Dec. 20. On Dec. 27, investors sued Winklevoss and Gemini cofounder Tyler Winklevoss over the blocked funds in the Earn program, accusing them of fraud and securities law violations.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Derar Islim, interim CEO of crypto market<\/p>\n","protected":false},"author":3,"featured_media":169157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Derar Islim, interim CEO of crypto market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-04T21:25:55+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/01\/Genesis-tells-clients-it-needs-more-time-on-financial-woes-after-Gemini-demands-action.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/\",\"name\":\"Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-01-04T21:25:55+00:00\",\"dateModified\":\"2023-01-04T21:25:55+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Genesis tells clients it needs more time on financial woes after Gemini demands action\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/","og_locale":"en_US","og_type":"article","og_title":"Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News","og_description":"Derar Islim, interim CEO of crypto market","og_url":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/","og_site_name":"Pre Coin News","article_published_time":"2023-01-04T21:25:55+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/01\/Genesis-tells-clients-it-needs-more-time-on-financial-woes-after-Gemini-demands-action.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/","url":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/","name":"Genesis tells clients it needs more time on financial woes after Gemini demands action - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2023-01-04T21:25:55+00:00","dateModified":"2023-01-04T21:25:55+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/genesis-tells-clients-it-needs-more-time-on-financial-woes-after-gemini-demands-action\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Genesis tells clients it needs more time on financial woes after Gemini demands action"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/169158"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=169158"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/169158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/169157"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=169158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=169158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=169158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}