• Cameron Winklevoss, co-founder of Gemini, has announced that global investment bank Houlihan Lokey has developed a plan to resolve liquidity issues at Genesis and its parent firm, Digital Currency Group (DCG).
• Reports have indicated that crypto lender Genesis and DCG allegedly owe $900 million to Gemini clients due to the collapse of the giant FTX crypto exchange.
• The plan presented by Houlihan Lokey on behalf of the Creditor Committee is based on information received from Genesis, DCG, and their respective advisors and the Creditor Committee expects an initial response this week.
Cameron Winklevoss, co-founder of Gemini, has recently announced that global investment bank Houlihan Lokey has structured a plan on behalf of a committee of creditors targeted at resolving the liquidity issues at Genesis and its parent firm, Digital Currency Group (DCG). Reports have spread that crypto lender Genesis and DCG allegedly owe $900 million to Gemini clients, based on information from the Financial Times, as reported by people close to the matter.
The plan presented by Houlihan Lokey on behalf of the Creditor Committee is based on information received from Genesis, DCG, and their respective advisors to date. According to Winklevoss, the plan “provides a path for the recovery of assets” to Gemini clients who have been affected by the collapse of the giant FTX crypto exchange. He also expressed that the Creditor Committee expects an initial response this week.
The details of the plan have not yet been made public, however, the committee of creditors believes that it will resolve the liquidity issues that have been plaguing the two companies and enable Gemini clients to recover the assets that are owed to them. As such, the plan has been welcomed by those who have been affected by the collapse of the FTX crypto exchange, and they are hopeful that the plan will bring a resolution to the issue.
In addition, Winklevoss has encouraged those who may have been affected by the collapse of the FTX crypto exchange to contact the Creditor Committee to voice their concerns and to ensure that their assets are recovered. He has also stated that further updates will be provided as the situation progresses.
Overall, the plan presented by Houlihan Lokey on behalf of the Creditor Committee is seen as a positive development for those affected by the collapse of the giant FTX crypto exchange. By providing a path for the recovery of assets, those affected by the collapse of the crypto exchange will be able to have their assets returned and hopefully have their losses recouped. As of now, the Creditor Committee is still awaiting an initial response from Genesis, DCG, and their respective advisors, and more updates will be provided as the situation progresses.