11/6/2023 0 Comments Gemini genesis news![]() 29 filing, attorneys for the bankrupt lender said unsecured creditors could receive up to. dollar equivalent for unsecured creditors and 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, a filing revealed. Genesis, which shares a parent company with CoinDesk in DCG, filed for bankruptcy in January. The plan could lead to a recovery of 70%-90% in U.S. Genesis and DCG on Tuesday reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by DCG, and its primary creditors, including Gemini, in February. The crypto platform Gemini, founded by identical twin billionaires Cameron and Tyler Winklevoss, sued a fellow crypto tycoon and his company on Friday, claiming that Gemini. ![]() The Information cited two people familiar with the matter in its reporting. The new proposal would involve some creditors' fronting funds to help pay others back quickly in exchange for a bigger share of any money won by suing DCG, and maps out a range of options for creditors, estimating they could recoup up to $2.8 billion from Genesis.ĭCG, Genesis and Gemini did not immediately respond to Reuters requests for comment. ![]() Cryptocurrency exchange Gemini is trying to rally other creditors behind a plan to wring more money out of bankrupt crypto lending firm Genesis' parent company, Digital Currency Group (DCG), The Information reported on Friday.
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