Genesis CEO Requests Extra Time to Resolve Lending Woes

Jan 05,2023
Genesis CEO Requests Extra Time to Resolve Lending Woes

Genesis, a subsidiary of the Digital Currency Group, has begun 2023 with an appeal to its customers for patience. In a letter issued by Interim CEO Derar Islim on Tuesday, he reassured customers that every effort is being made to find a satisfactory solution for problems within the firm's lending business.

The letter has stressed that Genesis' trading businesses remain operational and committed to continue providing service to clients.

The CEO also mentioned various advisors appointed by several client groups who are working collaboratively with DCG to evaluate solutions that could preserve client assets.

At the same time, Islim clarified that resolving this issue is a complex process that may require more time than initially anticipated.

Genesis is forging ahead with new initiatives aimed at reducing costs and driving efficiency across all business lines, according to Islim.

As reported by U.Today, Gemini co-founder Cameron Winklevoss recently accused DCG CEO Barry Silvert of using "bad faith stalling tactics" when i comes to the frozen funds linked to Gemini Earn.