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BTCC / Hashtag / genesis bankruptcy gemini
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Did Genesis & Gemini sell crypto assets to investors?

Last week the SEC accused both Genesis and Gemini of illegally selling crypto assets to investors. The Winklevoss twins said they were looking forward to defending the action, but DCG has so far not commented. Cameron Winklevoss tweeted shortly after Genesis filed for bankruptcy. Allow Twitter content?

Why is the SEC suing Genesis and Gemini?

The filing comes in the same week that the SEC filed a suit against Genesis and its former partner, Gemini, over unregistered dealings with securities. Gemini is a crypto exchange founded by the Winklevoss twins and offered a similar “Earn” product to a lot of these crypto lenders. The problem was, it was in partnership with Genesis.

Will Genesis go bankrupt?

Genesis attorney Sean O'Neal told a U.S. bankruptcy judge during a Monday court hearing that the company is finalizing a restructuring agreement that would either result in a sale of Genesis or turn over its equity to creditors.

Will Gemini contribute $100 million to Genesis' recovery plan?

Crypto exchange Gemini will contribute $100 million in cash to a recovery plan for bankrupt crypto lender Genesis. The exchange, founded by the Winklevoss twins, said the funds would be reserved for its Earn users, who had about $900 million of assets frozen when Genesis paused withdrawals. Cameron and Tyler Winklevoss.

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