Genesis requests bankruptcy hearing to speed up asset sales

GEMINI Trust has confirmed cryptocurrency lending platform Genesis has filed for bankruptcy, and requested a hearing with the US Bankruptcy Court on Thursday February 8.

The move should authorise a sale of Genesis' assets and the subsequent green light to monetise its interests in Grayscale Ethereum trusts. It is understood a motion will seek authority to monetise 30,905,782 Grayscale Bitcoin Trust shares.

The company has also put in place a liquidation plan designed to reimburse customers of its now defunct Gemini Earn product after settling a lawsuit with the US Securities and Exchange Commission.

The program was frozen in November, leading to a legal battle between Genesis, Gemini, and the umbrella Digital Currency Group.