The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says

The Financial Times reported that Genesis and its parent company Digital Currency Group owe the Winklevoss twins $900 million.

Genesis, which has more than $2 billion in active loans, said on its website that redemptions and new loans were being paused. There was a lack of disposable funds due to the market turmoil.

Genesis acts as the broker for the product.

Genesis was caught up in the collapse of FTX and is trying to recover money from its customers.

The committee is trying to recover funds from Genesis and DCG. Genesis has been trying to raise emergency funds and has hired an investment bank to look at possible solutions to repay the funds, according to the newspaper.

After it was made public that the company was missing at least $1 billion in customer funds, Gemini assured its own customers that it held their digital assets separate from its own assets.

We don't do anything with your digital assets unless you give us permission to do so. Asking for permission, not for forgiveness, is the right way to build trust with you.

The first US-based licensed ether exchange was founded in the year 2014).

The two companies did not respond to Insider's requests.