Gemini Earn Users to Receive Nearly Full Crypto Recovery, DCG and Genesis Announce
TL;DR Summary
Genesis and Digital Currency Group (DCG) have proposed a remuneration plan that could make over 230,000 retail creditors of Gemini's Earn program "nearly whole" after Genesis filed for bankruptcy protection. If approved, Gemini Earn users could recover approximately 95-110% of their claims, with unsecured creditors potentially receiving up to 90% of their holdings. The claim would be calculated based on returns from the Genesis bankruptcy estate and Gemini user collateral, including over 30 million shares of the Grayscale Bitcoin Trust. The proposed plan aims to file an amended version by October 6 and confirm a plan by the end of the year.
Topics:business#bankruptcy-protection#cryptocurrency#cryptocurrency-lending#digital-currency-group#gemini#genesis
- Beleaguered Gemini Earn Customers Will Be Made 'Nearly Whole,' DCG and Genesis Say About Remuneration Plan CoinDesk
- New DCG plan could see Gemini Earn users get back all their crypto The Block - Crypto News
- DCG Pushes Genesis Plan, Says Gemini Users Could Be Made Whole Bloomberg
- Crypto firm DCG says Genesis' agreement with creditors to result in 70-90% recovery Reuters
- Gemini Earn Users Could Expect Nearly Full Recovery in Genesis Bankruptcy, DCG Says The Wall Street Journal
- View Full Coverage on Google News
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