Other [loss] $900M+

"Crypto broker Genesis owes Winklevoss exchange’s customers $900mn"

2022-12-03 [vendor] Genesis owes Gemini
Primary Source ↗
Financial Loss $900.0M (900,000,000 USD)

Incident Details

After a domino effect in which Gemini suspended withdrawals from its “Earn” lending product due to Genesis suspending withdrawals due to FTX’s collapse, it’s been revealed by the FT that Genesis holds around $900 million in Gemini customer assets.Gemini has formed a creditor committee to try to recoup funds from Genesis, as well as Genesis parent company DCG.

Total loss estimated at $900,000,000.

Technical Details

Initial Attack Vector
Protocol collapse / insolvency
Vendor / Product
Genesis owes Gemini

Timeline

  1. 2022-12-03 Breach occurred
  2. 2022-12-03 Publicly disclosed