Case summary
What happened
Genesis halted lending withdrawals after the FTX collapse, entered Chapter 11, and proceeded through a wind-down plan that enabled major Gemini Earn customer distributions while broader creditor outcomes remained plan-dependent.
Customer result
Customer outcome
Partial repayment
Genesis customer outcome is complex. Gemini Earn customers reportedly received substantial in-kind distributions after the Genesis process, while broader Genesis creditor recoveries depended on the liquidation plan and claim class. This seed should be upgraded with direct plan documents.
- Estimated recovery
- varies by creditor class with gemini earn in kind distribution reported
- Repayment started
- 2024-05-29
- Repayment completed
- —
- Confidence
- Medium
Asset treatment
Terms risk
Varies by product
Genesis terms risk should be read as product- and claim-class dependent. Gemini Earn was connected to Genesis lending but has a separate customer-facing structure.
- Affected product
- Genesis lending claims and Gemini Earn-linked claims
- Confidence
- Medium
Genesis creditor and Gemini Earn-linked outcomes depended on program structure, claim class, and the bankruptcy plan rather than a single universal customer-ownership rule.
Known unknowns
Uncertainty
Genesis outcomes varied between Gemini Earn customers and other Genesis creditor classes. This seed focuses on lending and Earn-related recovery and should be expanded with plan-level court documents.
Chronology
Historical record
Genesis begins operating as an institutional crypto trading and lending business
Genesis developed into a major institutional crypto trading and lending business, later operating a large lending arm tied to Gemini Earn and other counterparties.
Launch date is approximate and should be refined with company-history sources.
No direct evidence linked to this event yet.
Genesis lending unit halts redemptions and new loan originations
Genesis Global Capital halted withdrawals and new loan originations after the FTX collapse and related market disruption.
Core failure-chain event affecting Gemini Earn.
Genesis Global Capital files for Chapter 11
Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific filed for Chapter 11 protection in New York.
Main bankruptcy filing.
Genesis liquidation plan approved
A bankruptcy judge approved Genesis's liquidation plan, clearing a path for distributions to customers and creditors.
Outcome differs by creditor class; Gemini Earn was a key related recovery case.
Gemini Earn customer distributions announced
Gemini announced that Earn users would receive in-kind distributions after the Genesis bankruptcy process and related settlement work.
This event is linked to Genesis through Gemini Earn but should be kept distinct from all Genesis creditor classes.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesGemini Earn distribution update
Gemini · 2024-05-29
Gemini Earn is linked to Genesis lending exposure but not identical to all Genesis creditor outcomes.
Event
3 sourcesGenesis lending business pause statement
Genesis / PR Newswire · 2022-11-16
Supports Genesis lending halt.
Genesis bankruptcy case information
Kroll Restructuring Administration
Bankruptcy portal for Genesis debtors.
Genesis liquidation plan approval coverage
Reuters · 2024-05-17
Supports plan approval and repayment context.
terms risk
1 sourcesSEC charges Genesis and Gemini over Gemini Earn
U.S. Securities and Exchange Commission · 2023-01-12
Direct SEC source for Gemini Earn regulatory and disclosure-risk context. The SEC release says Genesis and Gemini were charged over the Gemini Earn lending program and states Genesis held approximately $900 million in investor assets from 340,000 Gemini Earn investors when withdrawals were halted.
No evidence records match the current filters.
Comparative records