The SEC filed a complaint against Genesis Global and Gemini Trust over the unregistered sale of crypto assets through Gemini Earn.
Genesis’ trading arm froze withdrawals from its platform in the wake of FTX’s collapse prompting Gemini Earn to do the same mere hours later.
In early January, Gemini’s Cameron Winklevoss published an open letter accusing Barry Silber, the CEO of the DCG—the company that owns Genesis—of negotiating in bad faith and later called for his removal.
According to reports from Thursday, the DCG is considering the sale of some of its crypto assets to cover Genesis’ $3B debt to customers.
This article originally appeared on The Tokenist
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