Gemini Pulled Genesis Funds Before Crypto Lender Collapsed (1)

Crypto exchange Gemini Trust Co. withdrew hundreds of millions of dollars from Genesis Global Holdco LLC several months before the lender froze deposits and ultimately filed for bankruptcy.

Genesis and Gemini offered customers in the so-called Earn program the opportunity to generate yields on their crypto tokens. The service let customers of the Tyler and Cameron Winklevoss-owned exchange lend their tokens through Genesis.

In August 2022, Gemini took out about $282 million worth of cryptocurrency from Genesis. The news of the withdrawal was first reported by the New York Post.

In a lengthy statement posted on X ...