According to DCG, Gemini Earn users have the potential to recover anywhere from 95% to 110% of their assets
Genesis and its parent company, the Digital Currency Group , have proposed a compensation plan for over 230,000 retail creditors.
This move aims to relieve users of Gemini’s Earn Program and is to be voted on later this year, potentially resulting in creditors recovering between 95-110% of their claims.Genesis provided financial support for Earn, a program available to customers of the Gemini crypto exchange. However, this became problematic when Genesis was forced to stop withdrawals and file for bankruptcy protection.
Earlier assurances from Genesis’ and DCG’s attorneys had placed potential recoveries at up to 90% of the U.S. dollar equivalent of unsecured creditors’ holdings. However, the recent filing paints a more optimistic picture.“Earn customers could potentially recover between $440 million and $765 million from the claims. The estimated distribution from this claim ranges from $400 million to $535 million. Additionally, the Earn customers will acquire the $600+ million collateral from Gemini.
Genesis’ lending arm filed for bankruptcy in January due to the collapse of hedge fund Three Arrows Capital and issues at the crypto exchange FTX. Negotiations regarding DCG’s financial contribution mainly caused the delay in resolving. A public feud between Gemini exchange owners Cameron and Tyler Winklevoss and DCG founder Barry Silbert unfolded during this time. The recent filing also accused Gemini of neglecting to assist their customers during the bankruptcy proceedings.
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