Crypto lender Genesis allegedly owes $900M to Gemini’s clients: Report By Cointelegraph

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Crypto lender Genesis and its parent company Digital Currency Group (DCG) allegedly owe $900 million to Gemini’s clients, according to a Financial Times report disclosed on Dec. 3, citing people familiar with the matter.

The issue derives from the FTX dramatic collapse in November. Crypto exchange Gemini operates a product called Gemini Earn in partnership with Genesis, offering investors the opportunity to earn 8% in interest by lending out their crypto, including and stablecoins pegged to fiat currencies.

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