Genesis CEO tells clients the crypto brokerage needs more time to get its finances in order as Gemini's Tyler Winklevoss says the exchange is owed nearly $1 billion
"For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order for you to pay back the $900 million that you owe," Winklevoss's letter reads."However, it is now becoming clear that you have been engaging in bad faith stall tactics."
Islim, meanwhile, said that Genesis' derivatives and spot trading services still remain fully operational. "As a key element in this process, we have made significant progress in refining our business plans for Genesis' client offerings," Islim said, adding the the firm is reducing costs as much as they can.
He added:"We believe our continued focus on further sharpening our business will move us in the right direction as we begin the new year, as well as providing more options for working out the lending business."
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