![]() ![]() As per court filing, the largest creditors include Gemini with 765 million, Bybit’s Mirana with 151 million, Babel Finance with 150 million, Coincident Capital with 110 million, and 50 other largest unsecured claims. Genesis’ negotiations with the creditors have failed as parties didn’t agree with Genesis’ offers. Doing so remains our highest priority.” Genesis Largest Creditors That’s why websites like Gemini are so helpful. It’s onerous to not develop a critical case of FOMO. “This marks an important milestone in our efforts to help Earn users get their assets back. Gemini Review: earn interest on your investment Main Investing 0 Today, it looks like everybody I do know is investing in cryptocurrency. Moreover, Cameron Winklevoss asserts Genesis, DCG, and Barry Silbert owe an explanation and the bankruptcy court provides much-needed scope. He urges Barry Silbert and DCG to make a fair offer to creditors in order to prevent a lawsuit against them. Ensure the amount included on your behalf is the total sum of your frozen assets. Gemini is preparing a direct legal action for the fraud that caused harm to the 340,000+ Earn users and others. Recover Your Money From Gemini Earn: Step by Step. “Crucially, the decision to put Genesis into bankruptcy does not insulate Barry, DCG, and any other wrongdoers from accountability.” Top 10 Web3 Games To Explore In 2023 Here List Must Read He argued that Barry Silbert and DCG, the parent company of Genesis, continue to refuse to offer creditors a fair deal. Also, Genesis will be required to provide detail about schemes and internal matters that impacted Gemini Earn program and prevented customers to withdraw their funds.Ĭameron Winklevoss also disclosed that Gemini will continue its legal action against Barry Silbert, DCG, and others despite Genesis Global filing for bankruptcy protection. He claimed it is good news for Gemini as protection of the bankruptcy court will make Genesis subject to judicial oversight. Genesis Global Capital, the lending arm of Genesis Global Trading, has filed for Chapter 11 bankruptcy in the Southern District of New York. Gemini’s Cameron Winklevoss on Recovering Customer AssetsĬameron Winklevoss, co-founder of crypto exchange Gemini, in a series of tweets on January 20 revealed that they have moved closer to recovering customer funds. Earn users remain hopeful that a resolution will be reached that allows for the return of their assets and end the prolonged withdrawal restrictions they have faced since November 2022.Winklevoss says Gemini will use every tool available in the bankruptcy court to maximize recovery for Earn users and any other parties within the bankruptcy court’s jurisdiction. ![]() The court will now review the dismissal motion filed by Gemini and Genesis, and the final decision regarding the SEC lawsuit and the fate of Gemini Earn will be determined in due course. The primary objective is to secure the best possible outcome for Earn users, as emphasized by Gemini in its blog post. Gemini and other creditors are collaborating on an “amended plan of reorganization” that can be pursued independently if the mediated negotiations with DCG fail to reach a satisfactory agreement. He believes that the SEC’s actions do not contribute to expediting the process or facilitating the return of assets to affected users. Baughman argues that the lawsuit complicates retrieving assets from the Genesis bankruptcy and delays efforts to compensate Earn users. The SEC’s case has drawn criticism from Jack Baughman, a founding partner of JFB Legal, overseeing the lawsuit. In a blog post addressing Earn users, Gemini criticized the SEC lawsuit as “ill-conceived” and reiterated its commitment to ensuring the optimal outcome for users. Gemini has taken on the role of a transfer agent for the Earn program and maintains that it is responsible for the customer-facing aspects of the platform. While a preliminary deal was proposed in February, it has yet to be finalized, and earlier this month, DCG missed a $630 million loan payment to Genesis. ![]() The parent company of Genesis, the Digital Currency Group (DCG), is currently engaged in mediated negotiations with Gemini to develop a restructuring and settlement agreement. To recover funds for affected users, Gemini filed a comprehensive claim seeking over $1.1 billion in assets on behalf of 232,000 Earn users. In response to the SEC’s lawsuit, Genesis filed for bankruptcy, leading to withdrawal restrictions for Earn users since mid-November 2022. The companies argue that Gemini Earn should not be classified as a security, asserting that the transactions were essentially loans. The lawsuit alleges that Gemini Earn violated securities regulations by offering unregistered securities to customers who lent their crypto assets to Genesis. Gemini, the prominent cryptocurrency exchange, and bankrupt crypto lender Genesis Global Capital have jointly filed a motion to dismiss a Securities and Exchange Commission (SEC) lawsuit concerning their collaborative product, Gemini Earn. ![]()
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