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Genesis CEO Asks For More Time As Winklevoss Letter Sparks Controversy

On January 4, Derar Islim, the interim CEO of Genesis Trading, a cryptocurrency brokerage & lender that was forced to cease withdrawals in November 2022, stated that the company requires further time to work out its complex financial situation. This comes after Gemini’s co-founder Cameron Winklevoss penned an open letter highlighting the delay in resuming withdrawals for his Gemini exchange, which has a partnership with the company’s subsidiary DCG.

Following the failure of the FTX exchange in November, Genesis secured $900 million in customer cash belonging to clients of the retail cryptocurrency exchange Gemini. At the beginning of December, Genesis stated that a resolution of some kind would likely be a matter of “weeks” rather than days, despite rumors that an immediate solution or even a bankruptcy file was on the horizon.

(By Pratik Bhuyan)

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