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Crypto Broker Genesis' CEO Tells Clients It Needs More Time to Sort Out Finances

Genesis halted withdrawals in November in aftermath of FTX's collapse.

By Stephen Alpher
AccessTimeIconJan 4, 2023 at 2:34 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
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The interim CEO of Genesis Global Trading, the cryptocurrency brokerage and lender forced to halt withdrawals in November, said it needs more time to sort out its tricky financial position.

"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Derar Islim wrote in a letter sent to clients on Wednesday.

Genesis and CoinDesk share the same parent company, Digital Currency Group (DCG).

In wake of the FTX collapse in November, Genesis locked up $900 million of funds from clients of retail crypto brokerage Gemini. Amid reports of an imminent solution or even a bankruptcy filing, Genesis in early December said some sort of resolution would likely be a matter of "weeks" rather than days.

Stakes were upped a bit more on Monday of this week, when Gemini co-founder Cameron Winklevoss blasted DCG CEO Barry Silbert for "bad faith stall tactics."

Read more: Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen Alpher
Stephen Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Follow @SteveAlpher on Twitter

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