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About two weeks ago, a Financial Times (FT) report said Genesis Global Capital owed $900 million to Gemini clients, and the publication’s sources said the exchange was trying to recover the funds by forming a creditors’ committee. 31 days after Gemini pulled the plug on the Earn program, Cameron Winklevoss tweeted that he had formed a commission with Houlihan Lockie as a financial advisor.

The twins hope to “provide a path to recovery” with a committee of newly formed creditors and adviser Houlihan Lockie.

On December 17, 2022, Gemini co-founder Cameron Winklevoss on Twitter an update on the company’s Earn program. “Get an update. Houlihan Lockie, Financial Adviser to the Committee of Creditors, has begun advocating for a plan to address liquidity issues at Genesis and DCG and provide a path to recovery,” Winklevoss said.

The crypto exchange suspended the Earn program on November 16, 2022, and it cited that the company’s lending partner, Genesis Global Capital, had also suspended withdrawals. “We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible,” Gemini said at the time.

Genesis was hit by the FTX contagion, and a division of the company was given a position on the official creditors’ committee in FTX’s bankruptcy case. According to FT and Wall Street Journal (WSJ) sources, Genesis was also seeking $1 billion in funding from investors. Winklevoss’ tweet on Saturday also noted that the committee is in its preliminary stages.

“It’s still early stages and discussions are ongoing, however, we’ll update you as soon as more information becomes available,” Winklevoss said.

In addition to Gemini’s problems with Genesis, the company also suffered a database breach. Sources detail that 5.7 million Gemini users’ emails. emails and partially redacted phone numbers were leaked, and some reports indicated that the files were posted on hacking forums. Houlihan Lokey is a financial services firm and independent investment bank with one of the largest financial restructuring practices worldwide.

Tags in this story

Cameron Winklevoss, crypto exchange, data leak, database leak, Earn program, financial advisor, FTX collapse, Gemini, Gemini Exchange, Genesis, Genesis Liquidity Issues, Houlihan Lokey, Houlihan Lokey Advisor, Liquidity, suspended withdrawals, restructuring, Winklevoss

What do you think of Cameron Winklevoss revealing that Houlihan Lockie is working with the creditors’ committee as an adviser? Let us know what you think about this topic in the comments section below.

Jamie Redmayne

Jamie Redman is the News News Lead and financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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