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Cryptocurrency exchange Gemini Trust Co. has announced that crypto lender Genesis has filed a motion in US Bankruptcy Court to authorize a sale of trust assets, as reported by Gursimran Kaur for Reuters.
Gemini was founded by Cameron and Tyler Winklevoss. I Photo: TechCrunch
The motion filed by Genesis late on Friday seeks authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, Gemini said in a statement.
Genesis has requested an expedited hearing on the motion on Feb. 8.
This week, Genesis settled a US Securities and Exchange Commission (SEC) lawsuit over its defunct Gemini Earn lending program.
Genesis is moving ahead with a liquidation plan aimed at repaying customers in cash or cryptocurrency, depending on the types of currency they had deposited in the Earn program.
The program was halted during a crypto market crash in November 2023, and its failure has spurred litigation between Genesis, Gemini, and Genesis's parent company, Digital Currency Group.
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