{"id":15611,"date":"2022-12-18T19:48:09","date_gmt":"2022-12-18T19:48:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gemini-forms-creditors-committee-with-houlihan-lokey-to-resolve-genesis-liquidity-issues-bitcoin-news\/"},"modified":"2022-12-18T19:48:09","modified_gmt":"2022-12-18T19:48:09","slug":"gemini-forms-creditors-committee-with-houlihan-lokey-to-resolve-genesis-liquidity-issues-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gemini-forms-creditors-committee-with-houlihan-lokey-to-resolve-genesis-liquidity-issues-bitcoin-news\/","title":{"rendered":"Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Roughly two weeks ago a report from the Financial Times (FT) claimed Genesis Global Capital owed $900 million to Gemini customers and the publication\u2019s sources noted that the exchange was attempting to recover the funds by creating a creditors committee. 31 days after Gemini paused the Earn program\u2019s withdrawals, Cameron Winklevoss tweeted that it has formed a committee with Houlihan Lokey acting as the financial advisor. <\/strong><\/p>\n

Gemini Hopes to \u2018Provide a Path for the Recovery of Funds\u2019 With Newly Created Creditors Committee and Houlihan Lokey Advisor<\/h2>\n

On Dec. 17, 2022, Gemini co-founder Cameron Winklevoss tweeted<\/a> an update concerning the company\u2019s Earn program. \u201cEarn Update: Houlihan Lokey, the Financial Advisor of the Creditor Committee, has begun advocating for a plan to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of funds,\u201d Winklevoss said.<\/p>\n

The crypto exchange paused<\/a> the Earn program on Nov. 16, 2022, and it cited the company\u2019s lending partner Genesis Global Capital had also paused withdrawals. \u201cWe are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible,\u201d Gemini said at the time.<\/p>\n

Genesis has suffered from the FTX contagion and a unit of the company was awarded a position on the official creditors committee for the FTX bankruptcy case. Reportedly, Genesis was also soliciting $1 billion in funding from investors, according<\/a> to FT and Wall Street Journal (WSJ) sources. Winklevoss\u2019s tweet on Saturday also noted that the committee is in the early stages.<\/p>\n

\u201cIt is still early stages, and discussions are ongoing, however, we will update you as soon as more information is available,\u201d Winklevoss said<\/a>.<\/p>\n

In addition to Gemini\u2019s issues with Genesis, the company has suffered<\/a> from a database breach as well. Sources detailed that 5.7 million Gemini user emails and partially redacted phone numbers were leaked, and some reports<\/a> noted that the files were published to hacker forums. Houlihan Lokey<\/a> is a financial services company and independent investment bank that operates one of the largest financial restructuring practices worldwide.<\/p>\n

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\nTags in this story
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Cameron Winklevoss<\/a>, crypto exchange<\/a>, data leak<\/a>, Database Leak<\/a>, Earn program<\/a>, financial advisor<\/a>, FTX collapse<\/a>, Gemini<\/a>, Gemini Exchange<\/a>, genesis<\/a>, Genesis Liquidity Issues<\/a>, Houlihan Lokey<\/a>, Houlihan Lokey Advisor<\/a>, Liquidity<\/a>, paused withdrawals<\/a>, restructuring<\/a>, Winklevoss<\/a><\/div>\n<\/div>\n

What do you think about Cameron Winklevoss revealing that Houlihan Lokey is working with the creditors committee as an advisor? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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