Genesis is the latest victim from the FTX collapse. The company filed for Chapter 11 protection in the Southern District of New York, a few hours after we reported that they were preparing the filing. The filing mentions over 100,000 creditors, and billions of dollars owed to customers. Genesis owes $3.4 billion to its top 50 creditors.
Following the Chapter 11 filing, Cameron Winklevoss took to Twitter threatened a lawsuit against DCG and its founder Barry Silbert, as over 340,000 customers of Gemini Earn were impacted by the suspension of withdrawals which happened in November.
6/ Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently.
— Cameron Winklevoss (@cameron) January 20, 2023