Crypto exchange Gemini claims bankrupt Genesis seeks to approve the sale of trust assets

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Crypto exchange Gemini claims bankrupt Genesis seeks to approve the sale of trust assets
Crypto exchange Gemini claims bankrupt Genesis seeks to approve the sale of trust assets

Cryptocurrency exchange Gemini Trust Co. revealed that cryptocurrency lender Genesis had filed a motion in the United States Bankruptcy Court permitting the sale of trust assets.

On Saturday, cryptocurrency exchange Gemini Trust Co. announced that crypto lender Genesis had filed a motion in the U.S. Bankruptcy Court authorizing the sale of trust assets and seeking authorization to monetize its interests in two Grayscale Ethereum trusts, securities that provide investors with exposure to cryptocurrency.

Genesis filed the move late Friday, requesting permission for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, according to Gemini.

Genesis has asked for an expedited hearing on the move for February 8, Gemini stated in a statement.

Genesis settled a lawsuit brought by the Securities and Exchange Commission over its now-defunct Gemini Earn lending scheme this week.

Genesis is going forward with a liquidation plan that will refund clients in cash or bitcoin, depending on the currency they put in the Earn program.

The Earn program was terminated amid a cryptocurrency market meltdown in November 2023, and its failure resulted in legal action between Genesis, Gemini, and Genesis’ parent business, Digital Currency Group.

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