Genesis Capital Pauses Withdrawals, Gemini Earn Affected
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Genesis Capital Pauses Withdrawals, Gemini Earn Affected
Genesis Global Capital, a crypto lender that focuses on institutional investors with $2.8 billion in loans as of Q3 2022, has suspended loan redemptions its Interim CEO Derar Islim said in a call to creditors on Wednesday.
“We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days,” Gemini said.
Gemini said they are working to help customers redeem their funds from the Earn program as quickly as possible.
Genesis announced last week they had $170 million locked in the now bankrupt FTX. This was thought to be a fairly small amount considering they are owned by the Digital Currency Group (DCG).
Neither DGC nor Genesis Global Trading are affected. They are independently capitalized and operate separately from the lending unit.
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