Gemini Forms Creditors’ Committee with Houlihan Lokey to Resolve Genesis’ Liquidity Issues

31 days after Gemini paused Earn withdrawals, Cameron Winklevoss tweeted that he had formed a committee with Houlihan Lokey acting as financial advisor.

Gemini hopes “to provide a path for the recovery of funds” with the newly formed creditors’ committee and advisor Houlihan Lokey.

On December 17, 2022, Gemini co-founder Cameron Winklevoss announced that he was creating a creditors’ committee tweeted an update about the company’s Earn program. “Earn program update: Houlihan Lokey, the creditors’ committee’s financial advisor, has begun advocating for a plan to address Genesis’ and DCG’s liquidity issues and provide a path for recovery of funds” said Cameron Winklevoss.

The crypto-currency exchange on break on Earn program on Nov. 16, 2022, and cited the company’s lending partner, Genesis Global Capital, which had also paused withdrawals. “We are working with the Genesis team to help clients redeem their Earn funds as quickly as possible“, Gemini said at the time.

Read:  Terra: South Korean prosecutors accuse Do Kwon of manipulating LUNA's market price

Genesis suffered from the FTX contagion, and a unit of the company was given a position on the official creditors’ committee for the FTX bankruptcy case. Genesis was also reportedly seeking $1 billion in funding from investors, according to FT and Wall Street Journal (WSJ) sources. In his tweet on Saturday, Cameron Winklevoss also noted that the committee was still in its early stages.

This is still in the early stages, and discussions are ongoing, but we’ll keep you posted as soon as we have more information“, said Winklevoss. stated..

In addition to Gemini’s problems with Genesis, the company also suffered a breach of its database. Sources said that 5.7 million Gemini user emails and partially redacted phone numbers were leaked, and some reports noted that the files were posted on hacker forums. Houlihan Lokey is an independent financial services company and investment bank that runs one of the largest financial restructuring practices in the world.

Read:  North Korea launches two ballistic missiles during South Korea-U.S. military exercises

The Best Online Bookmakers February 21 2024

BetMGM Casino

Bonus

$1,000