Gemini sues Genesis over GBTC shares used as Earn collateral, now value $1.6B

Cryptocurrency alternate Gemini filed an adversary continuing in opposition to bankrupt crypto lender Genesis World Holdco within the Southern District of New York Chapter Court docket on Oct. 27. At subject is the destiny of 62,086,586 shares of Grayscale Belief (GBTC). They had been used as collateral to safe loans made by 232,000 Gemini customers to Genesis by the Gemini Earn Program. That collateral is at the moment value near $1.6 billion.

In line with the swimsuit, Gemini has obtained $284.3 million from foreclosing on the collateral for the good thing about Earn customers, however Genesis has disputed the motion, stopping Gemini from distributing the proceeds.

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