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Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

2024.02.03 14:53


© Reuters. A person walks previous the brand of Gemini Trust, a digital forex exchange and custodian, in the course of the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo

(Reuters) – Cryptocurrency exchange Gemini Trust Co mentioned on Saturday that crypto lender Genesis has filed a movement in U.S. Bankruptcy Court authorizing a sale of trust assets and in search of authorization to monetize its pursuits in two Grayscale trusts, securities that present traders publicity to cryptocurrency.

The movement filed by Genesis late on Friday seeks authority for Gemini to monetize the preliminary collateral of 30,905,782 shares of Grayscale Trust, Gemini mentioned.

Genesis has requested an expedited listening to on the movement on Feb. 8, Gemini mentioned in a press release.

This week, Genesis settled a U.S. Securities and Exchange Commission lawsuit over its defunct Gemini Earn lending program.

Genesis is shifting forward with a liquidation plan that goals to repay clients in money or cryptocurrency, relying on the kinds of forex they’d deposited within the Earn program.

The Earn program was halted throughout a crypto market crash in November 2023, and its failure has spurred litigation between Genesis, Gemini, and Genesis’s mum or dad firm, Digital Currency Group.

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