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Does Genesis owe $900 million to Gemini's clients?

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.

What's going on with Genesis & Gemini?

The restructuring deal and recovery plan were announced during a status conference for crypto lender Genesis, which filed for bankruptcy protection in New York on Jan. 19. Genesis owed its creditors, including Gemini and its users, billions of dollars.

Will Gemini recoup funds from Genesis & DCG?

Gemini, which runs a crypto lending product in partnership with Genesis, has now formed a creditors' committee to recoup the funds from Genesis and its parent DCG, the report added.

What is Gemini's high-yield earn service?

Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8% depending on which token you deposited.

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