Genesis’ interim CEO, Dellal Islam, asked for more time to sort out the financial situation of the lending division, according to information on Jan. 4. statement.
Islim said the company is now involved in “a very complicated process that will take even longer”. He added that the company remains committed to resolving the current situation. Muslim writes:
“We remain focused on finding solutions for our borrowing and lending brokerage business and achieving the best possible outcomes for all affected clients. We will continue to work with our trusted advisors to evaluate options to protect client assets and move their businesses forward.”
Genesis stopped withdrawals in November 2022 following the collapse of FTX. The move impacted Gemini Earn’s customers, throwing his $900 million into the distressed crypto lender platform.
The lender, along with parent company Digital Currency Group (DCG), faces scrutiny over its financial health. Speculation has surfaced that the company may have to file for bankruptcy to survive its condition.Three of his Gemini Earn users have filed a class action lawsuit against the company.
Meanwhile, Gemini co-founder Cameron Winklevoss gave DCG CEO Barry Silbert a Jan. 8 deadline to resolve the matter, accusing him of employing “stall tactics.” Did.
