Gemini Sues Genesis Over $1.6B in GBTC Shares Used as Collateral in Earn Program Amid Genesis Bankruptcy
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Gemini sued Genesis over $1.6B worth of GBTC shares used as collateral for loans in Gemini's Earn program.
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Genesis wants to value the shares at their initial price, not the current higher price, to reduce payouts.
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Genesis is allegedly not releasing additional collateral transferred by its parent DCG for Gemini Earn users.
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Gemini says Genesis is trying to divert collateral worth over $1B from Earn users to other creditors.
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Genesis filed for bankruptcy in January after suspending withdrawals, impacting Gemini Earn.
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