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Genesis files for bankruptcy; Winklevoss threatens to sue DCG

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The filing lists more than 100,000 creditors, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars.Derar Islim, interim CEO, Genesis, says: "While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders."Despite the bankruptcy filing, Winklevoss is threatening to sue DCG, saying that Genesis owes more than 340,000 of its customers a total of $900 million.Gemini partnered Genesis for its Earn interest-bearing product, but customer assets were frozen after Genesis halted withdrawals following the FTX collapse."We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices," Winklevoss tweeted.Last week, the Securities and Exchange Commission charged both Genesis and Gemini with offering and selling unregistered securities over the Earn product - which was ended earlier this month..

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