Gemini is trying to get his money back
Gemini cryptocurrency exchange is trying to get its clients’ money back from the funds after cryptocurrency trader Genesis was hit by the collapse of its founder’s FTX cryptocurrency exchange, Sam Bankman-Fried.
Set up a creditors’ committee
Gemini has now formed a creditors’ committee to try to recover the money. According to the Financial Times the sum is supposed to be around $ 900 million. Cryptocurrency trader Genesis hired analysts from investment bank Moelis & Company to explore ways the company would meet its commitments. A bankruptcy filing is also in play, the New York Times, reported citing well-informed sources.
The Gemini cryptocurrency exchange belongs to the American Winklevoss twins (former US rowing representatives), who just got rich from trading cryptocurrencies (specifically Bitcoin). Genesis suspended cryptocurrency buybacks in November after the FTX exchange suddenly went bankrupt.