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Genesis Says It Needs More Time to Fix Crypto Lending Problems

  • Gemini has accused DCG’s Silbert of ‘bad faith stall tactics’
  • Genesis suspended redemptions, loan originations in November
Derar Islim, Genesis’s interim CEO
Derar Islim, Genesis’s interim CEOSource: Digital Currency Group

Crypto broker Genesis told clients in a new update that it needs more time to come up with a solution for the troubles at its lending unit. 

“While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time. We believe we can arrive at a solution,” interim Chief Executive Officer Derar Islim wrote in a letter seen by Bloomberg News. “We will continue to give you updates on meaningful developments, including any updates on timing.”