Crypto

January 18, 2023

Genesis Global Capital Going Bankrupt?

The Genesis vs. Gemini spat entered a new chapter today. 📓

The Block reported early this afternoon that Genesis creditors are negotiating terms for a possible Chapter 11 bankruptcy filing. 

One of Genesis’s biggest and most well-known creditors is the Winklevoss twins’ cryptocurrency exchange, Gemini. 

You can read more about the Gemini vs. Genesis spat in last Friday’s Litepaper.

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Gemini reportedly formed a committee of other creditors to discuss terms, which reportedly include a forbearance period of one to two years, cash, and equity in Digital Capital Group (parent of Genesis, Grayscale, and CoinDesk).

We’ll keep you updated as this story evolves. 📰

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