Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal
Genesis is facing headwinds as it seeks to finalize its wind-up after a January bankruptcy – and is now being accused by Gemini and other creditors of voter “manipulation.”
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Genesis is facing headwinds as it seeks to finalize its wind-up after a January bankruptcy – and is now being accused by Gemini and other creditors of voter “manipulation.”
Attorneys for crypto exchange Gemini argued that a proposed resolution for Genesis’ bankruptcy doesn’t have enough detail or provide any assurances for some if its largest debtors in a new filing Wednesday.
His Gemini crypto exchange and conglomerate Digital Currency Group are battling – in and out of court – over the failure of Gemini’s Earn lending service.
Low liquidity after the token’s relisting likely caused a temporary pricing glitch on the exchange.
Gemini and its founders sued Digital Currency Group on Friday alleging that it incurred losses due to DCG’s “false, misleading and incomplete representations” tied to DCG subsidiary Genesis’ work with Gemini on the crypto company’s Earn product.
Creditors of the crypto financial firm Genesis call for $1.5 billion of forbearance payments and loans denominated in dollars, bitcoin and ether, according to a term sheet posted on Twitter by the Gemini co-founder.
The company plans to expand in Asia-Pacific (APAC), a region it sees as driving the “next wave of growth for crypto.”