The crypto verse continues to see unceasing turmoil. Cryptocurrency exchange Gemini is trying to recover funds to the tune of $900 million from crypto broker Genesis, according to the Financial Times.
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Gemini has now set up a creditors’ committee to recover the funds. Additionally, reports indicate Genesis owes about $1.8 billion in loans and the number could rise higher.
After the debacle at FTX last month, Genesis Global Capital halted redemptions and Genesis itself has roped in Moelis & Company to evaluate strategic options.
The two major cryptocurrencies, Bitcoin (BTC-USD) and Ethereum (ETH-USD) are down 65% and 69% respectively over the past 52 weeks and a number of tokens are seeing a decline in volumes as investors’ risk appetite continues to wane.
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