London Daily

Focus on the big picture.
Friday, Jul 25, 2025

The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says

The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says

Tyler and Cameron Winklevoss's Gemini is trying to get its customers' funds back from Genesis and DCG, the Financial Times reported.
A crypto exchange run by the Winklevoss twins is owed $900 million by Genesis, a crypto broker, and its parent company Digital Currency Group, the Financial Times reported.

Genesis, which has $2.8 billion in active loans according to its website, tweeted that redemptions and new loans were being paused on November 16. The company cited "unprecedented market turmoil" resulting in a lack of disposable funds. 

Gemini has a crypto lending product through its partnership with Genesis, which acts as its broker. 

Genesis was caught up in the collapse of FTX and Gemini, the platform co-founded by Tyler and Cameron Winklevoss, is trying to recover its customers' funds, according to the FT.

Gemini has created a committee made up of creditors to try to reclaim its funds from Genesis and DCG. Genesis has been trying to raise emergency funds and hired an investment bank to look at potential solutions to repay the funds, the newspaper reported.

After the FTX fallout where it was made public that the company was missing at least $1 billion in customer funds, Gemini tweeted to assure its own customers that it held their digital assets in accounts that are separate from its own assets.

Gemini tweeted on November 29: "We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. We are more confident than ever that asking for permission, not for forgiveness — is the right way to build trust with you and a lasting business."

Gemini was founded in 2014 by the Winklevoss twins and it was the first US-based licensed Ethereum exchange.

Genesis and Gemini did not immediately respond to requests for comment from Insider.
Newsletter

Related Articles

0:00
0:00
Close
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
×