A filing on Wednesday states that if the assorted creditor groups vote through the proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.”
Cryptocurrency lending operation Genesis and its parent company Digital Currency Group say that over 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.
A filing on Wednesday states that if assorted Genesis creditor groups vote to approve a proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.” Attorneys for Genesis and DCG had The Earn customers’ claim is being calculated based on what will be returned from the Genesis bankruptcy estate, plus Gemini user collateral of more than 30 million shares of the Grayscale Bitcoin Trust , worth approximately $607 million, according to bankers for DCG.
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