Genesis Global Holdco said in a statement that it would contemplate a potential sale or a equitization transaction to pay creditors, and that it had $150 million in cash to support the restructuring.
Genesis was already locked in a dispute with Gemini Trust Co, founded by the identical twin cryptocurrency pioneers Cameron and Tyler Winklevoss, former U.S. Olympic rowers. The two firms are fighting over a crypto lending product called Earn that they jointly offered. “Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently,” Winklevoss said in his tweet thread.Genesis and Gemini were charged by the U.S. Securities and Exchange Commission on Jan. 12 with illegally selling securities to investors through the Earn program. Tyler Winklevoss called the complaint disappointing.