Genesis CEO Says Solution Requires More Time

"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," said Genesis Interim CEO Derar Islim.

"We remain focused on finding a solution for our borrowing and lending intermediation business and reaching the best outcome for all affected clients," he added.

Genesis and CoinDesk share the same parent company, Digital Currency Group (DCG).

In wake of the FTX collapse in November, Genesis locked up $900 million of funds from clients of retail crypto brokerage Gemini. Amid reports of an imminent solution or even a bankruptcy filing, Genesis in early December said some sort of resolution would likely be a matter of "weeks" rather than days.

Stakes were upped a bit more on Monday of this week, when Gemini co-founder Cameron Winklevoss blasted DCG CEO Barry Silbert for "bad faith stall tactics."