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Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

Published 02/05/2024, 05:07 AM
Updated 02/05/2024, 05:11 AM
© Reuters. A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo

(Reuters) - Cryptocurrency exchange Gemini Trust Co said on Saturday that crypto lender Genesis has filed a motion in U.S. Bankruptcy Court authorizing a sale of trust assets and seeking authorization to monetize its interests in two Grayscale Ethereum trusts, securities that provide investors exposure to cryptocurrency.

The motion filed by Genesis late on Friday seeks authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, Gemini said.

Genesis has requested an expedited hearing on the motion on Feb. 8, Gemini said in a statement.

This week, Genesis settled a U.S. Securities and Exchange Commission lawsuit over its defunct Gemini Earn lending program.

© Reuters. A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo

Genesis is moving ahead with a liquidation plan that aims to repay customers in cash or cryptocurrency, depending on the types of currency they had deposited in the Earn program.

The Earn program was halted during a crypto market crash in November 2023, and its failure has spurred litigation between Genesis, Gemini, and Genesis's parent company, Digital Currency Group.

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