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

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

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(Reuters) – Cryptocurrency exchange Gemini Trust Co said on Saturday that cryptocurrency lender Genesis filed a motion with the U.S. Bankruptcy Court authorizing a sale of trust assets and seeking permission to monetize its interests in two Grayscale trusts. Ethereum, securities that give investors exposure to cryptocurrencies. .

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

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

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

Genesis is moving forward with a settlement plan that aims to refund customers in cash or cryptocurrency, depending on the types of currency they have deposited into the Earn program.

The Earn program was halted during a cryptocurrency market crash in November 2023, and its failure has sparked litigation between Genesis, Gemini, and Genesis’ parent company Digital Currency Group.

(Reporting by Gursimran Kaur in Bengaluru; Editing by David Gregorio)

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