Genesis owes over $3 billion to its top 50 creditors overall. “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.’”ĭCG owes more than $1.65 billion to the beleaguered crypto lender Genesis, which, in turn, owes some $1.2 billion to Gemini. “DCG touts proposed recovery rates that are a total mirage – misleading at best and deceptive at worst,” Gemini’s lawyers said in the filing. Read more: Beleaguered Gemini Earn Customers Will Be Made ‘Nearly Whole,’ DCG and Genesis Say About Remuneration Planīut Gemini said Friday that Gemini Earn users will not recover “anything close real value” of the money they’re owed under the proposal. (Genesis, like CoinDesk, is owned by DCG.) Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. 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.Įarlier 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.
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