DCG Proposed A New Proposal For Gemini Earn Users With 110% Recovery Rate
Key Points:
- DCG proposes a new Genesis creditor deal: unsecured creditors may get 70-90% of debts.
- Gemini Earn users could recover all crypto holdings; claims range from 95-110%.
- Genesis Global sues for $620 million in unpaid loans, including 4,550 Bitcoins.
DCG, the parent company of Genesis, has introduced a fresh proposal in the ongoing Genesis bankruptcy case, aiming to revamp the creditor agreement.
Under this new plan, unsecured creditors stand to receive between 70% and 90% of their outstanding debts, with the total compensation equaling the entire debt. The terms specify that some loans will be swiftly repaid in cash upon the deal’s completion, while the remaining portion will be converted into two-year notes.
In a noteworthy twist, Gemini Earn users might emerge as significant beneficiaries of this agreement, potentially recouping all the cryptocurrencies they had held on the platform. Users, holding around $607 million in collateral, could claim compensation ranging from 95% to 110% of their total claims, coupled with the chance to capture the benefits of cryptocurrency appreciation, which translates to $85,000 for BTC and $8,500 for ETH.
Genesis‘ bankruptcy saga began in January, following the combined blows from the Three Arrows Capital hedge fund collapse and the FTX cryptocurrency exchange turmoil. Resolving this matter has been protracted, primarily due to negotiations concerning DCG’s contribution.
Simultaneously, a public dispute has unfolded between Gemini exchange owners, Cameron and Tyler Winklevoss, and DCG’s founder, Barry Silbert. Accusations have been made, suggesting that Gemini failed to financially support its own customers amid the bankruptcy proceedings.
Genesis Global, in its latest legal actions filed in the United States bankruptcy court of the Southern District of New York, asserted that two loans, totaling approximately $630 million, remain unpaid. These loans, which matured in May, encompass about 4,550 Bitcoin, and the lawsuit also seeks to recover accrued interest and late fees.
Genesis Global’s downfall earlier this year coincided with a period of layoffs, with the lender heavily impacted by the FTX collapse in November of the preceding year.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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DCG Proposed A New Proposal For Gemini Earn Users With 110% Recovery Rate
Key Points:
- DCG proposes a new Genesis creditor deal: unsecured creditors may get 70-90% of debts.
- Gemini Earn users could recover all crypto holdings; claims range from 95-110%.
- Genesis Global sues for $620 million in unpaid loans, including 4,550 Bitcoins.
DCG, the parent company of Genesis, has introduced a fresh proposal in the ongoing Genesis bankruptcy case, aiming to revamp the creditor agreement.
Under this new plan, unsecured creditors stand to receive between 70% and 90% of their outstanding debts, with the total compensation equaling the entire debt. The terms specify that some loans will be swiftly repaid in cash upon the deal’s completion, while the remaining portion will be converted into two-year notes.
In a noteworthy twist, Gemini Earn users might emerge as significant beneficiaries of this agreement, potentially recouping all the cryptocurrencies they had held on the platform. Users, holding around $607 million in collateral, could claim compensation ranging from 95% to 110% of their total claims, coupled with the chance to capture the benefits of cryptocurrency appreciation, which translates to $85,000 for BTC and $8,500 for ETH.
Genesis‘ bankruptcy saga began in January, following the combined blows from the Three Arrows Capital hedge fund collapse and the FTX cryptocurrency exchange turmoil. Resolving this matter has been protracted, primarily due to negotiations concerning DCG’s contribution.
Simultaneously, a public dispute has unfolded between Gemini exchange owners, Cameron and Tyler Winklevoss, and DCG’s founder, Barry Silbert. Accusations have been made, suggesting that Gemini failed to financially support its own customers amid the bankruptcy proceedings.
Genesis Global, in its latest legal actions filed in the United States bankruptcy court of the Southern District of New York, asserted that two loans, totaling approximately $630 million, remain unpaid. These loans, which matured in May, encompass about 4,550 Bitcoin, and the lawsuit also seeks to recover accrued interest and late fees.
Genesis Global’s downfall earlier this year coincided with a period of layoffs, with the lender heavily impacted by the FTX collapse in November of the preceding year.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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