Genesis creditor groups' loans amount to $1.8B and counting

12/05 00:06

According to CoinDesk, customers whose money is locked up on trading and lending platform Genesis and who have taken legal advice on the matter currently account for some $1.8 billion of loans, according to a person familiar with the situation. And that number looks like it will continue to grow. The FT had recently reported that a group of customers using cryptocurrency exchange Gemini’s Earn program, which is tied to Genesis, were owed $900 million after Genesis’ lending unit halted customer withdrawals on Nov. 16. A second group of assorted Genesis creditors, with loans also amounting to $900 million, is being represented by law firm Proskauer Rose, a second source told CoinDesk.
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