Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading

Under the plan, Gemini creditors would receive a “fraction” of the money they are owed, Gemini’s lawyers said.
Crypto exchange Gemini has criticized a bankruptcy recovery plan related to Genesis, Gemini’s partner on a lending program that’s been frozen for months, saying the potential deal is “misleading at best,” according to a Friday court filing.](https://storage.courtlistener.com/recap/gov.uscourts.nysb.314889/gov.uscourts.nysb.314889.704.0.pdf).)
Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. (Genesis, like CoinDesk, is owned by DCG.)
But Gemini said Friday that Gemini Earn users will not recover “anything close [to the] real value” of the money they’re owed under the proposal.
“DCG touts proposed recovery rates that are a total mirage – misleading at best and deceptive at worst,” Gemini’s lawyers said in the filing. “Make no mistake: Gemini Lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current ‘agreement in principle.’”
DCG owes more than null.65 billion to the beleaguered crypto lender Genesis, which, in turn, owes some null.2 billion to Gemini.](https://www.coindesk.com/business/2023/07/04/geminis-cameron-winklevoss-tweets-15b-final-offer-in-debt-talks-over-crypto-firm-genesis/).) Genesis owes over $3 billion to its top 50 creditors overall.

Introducing Orb Communities! 🪐

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