Genesis said it could not afford to make good on all of its returns last month after it faced “unprecedented market turmoil” as a result of the FTX collapse
The Winklevosses have created a committee of creditors to try to reclaim their $900 million investment from Genesis and its parent company, Digital Currency Group .
Meanwhile, Genesis is trying to raise emergency funds to pay off its debts, and has hired the investment bank Moelis & Co to help figure out how, the FT reported. Genesis has about $2.8 billion in active loans, according to its website. Its parent company DCG is in $2 billion worth of debt, $1.7 billion of which is owed to its own subsidiary, Genesis.
DCG was founded in 2015 and is one of the biggest investors in the crypto industry, reaching a $10 billion valuation last year. The Winklevoss twins founded Gemini a year earlier, in 2014, and became the first US-based licensed Ethereum exchange.
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