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TechFlow reported, citing Bloomberg and sources, that in August 2022—several months before Genesis froze deposits and ultimately filed for bankruptcy—the cryptocurrency exchange Gemini withdrew approximately $282 million worth of cryptocurrencies from Genesis. One informed source stated that the funds withdrawn from Genesis were used to build up reserves, ensuring that customers of Gemini Earn could redeem their holdings immediately.
According to Bloomberg, citing sources, in August 2022—several months before Genesis froze deposits and eventually filed for bankruptcy—the cryptocurrency exchange Gemini withdrew approximately $282 million worth of cryptocurrencies from Genesis. A person familiar with the matter said the funds withdrawn from Genesis were used to build up reserves to ensure that customers of Gemini Earn could redeem their assets immediately.
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