Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender

Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation.

BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy.

They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Leticia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Branden, Creditor of Genesis

BJ, Creditor of Genesis

Previous coverage of Unchained on Genesis and DCG:

Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?

Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?

$630M Due Next Week: Is DCG at Default Risk?

NYAG Lawsuit

Unchained:

NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud

The Block:

DCG says it was 'blind sided' by NYAG suit in third quarter shareholder letter

Genesis, Gemini, DCG disputes

Unchained:

Gemini Says DCG Missed $630 Million Payment Last Week

Cameron Winklevoss Threatens to Sue DCG and Barry Silbert Over Delays in Genesis Resolution

DCG Calls Gemini Lawsuit a ‘Publicity Stunt’ From Cameron Winklevoss

DCG Calls Gemini’s Complaint a PR Campaign in Motion to Dismiss Lawsuit

FTX and Genesis Reach $175 Million Settlement, Resolving Complex Dispute

DCG and Genesis Reach In-Principle Deal With Creditors

Gemini and Genesis Creditor Groups Object to In-Principle Deal to Resolve Bankruptcy

Genesis Winds Down its US Spot Crypto Trading Operation

Genesis Sues Parent Company DCG, Seeks Repayment of $600 Million

DCG Proposes Remuneration Plan That Could Enable Gemini Earn Users to Be Made Whole

Genesis Winds Down All Crypto Trading Services: Report

Gemini Pushes Back on DCG’s Remuneration Proposal, Calling it an ‘Attempt to Bait’ Earn Users

Disclaimer:

Genesis and CoinDesk are both owned by DCG.

Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.