Gemini executives said the company has formed a creditor committee to determine whether it can recover $900 million in debt from Genesis, and that returning money to customers is a priority for the company.
In a recent post by Cameron Winklevoss, president and CEO of cryptocurrency exchange Gemini, tweeted that Gemini and other creditors have formed a creditor committee to solve problems together.
The Committee of Creditors has hired the law firm Kirkland & Ellis as a consultant to represent it. Returning customers’ money is the company’s top priority and the team is working with utmost urgency.
According to previous news, Genesis, a crypto-lending company, owes the Winklevoss brothers $900 million during the crisis from the collapse of FTX.
The company is currently trying to recover funds from Genesis, according to people familiar with the matter. Genesis is the main partner of Gemini’s wealth management product The Money Plan, retail investors deposit money to earn a fixed income.
Caught up in the general crisis, Gemini suspended its asset management product acquisition last month.
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