An interesting saga is developing for Digital Currency Group and its Grayscale Bitcoin Trust with accusations of fraud coming from the co-founder of Gemini.
Genesis needs a $1 billion liquidity injection by Monday and Gemini sees significant bitcoin outflows as fears of insolvency spread throughout the industry.
Following the implosion of FTX and the locking up of over $175 million, Genesis’s lending arm faces a liquidity crisis and is actively seeking new capital.
Gemini, a cryptocurrency exchange, is being sued by the CFTC on allegations of false statements made to obtain certification for bitcoin futures contracts.
