Gemini

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 <p class="is-style-lead">Gemini, a crypto exchange led by the Winklevoss twins, opposed the bankruptcy plan by Genesis and Digital Currency Group (DCG).</p> 
 <p>Gemini‘s lawyers explained that the <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> plan lacks enough details and guarantees for some of the largest debtors.</p> 
 <p>The Gemini’s&nbsp;filing&nbsp;stated that the debtors revealed an agreement in principle between the Committee, DCG, and them. However, it lacks the required details and remains subject to definitive documentation.</p> 
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 <p>Genesis <a rel="noopener noreferrer nofollow" title="filed" href="https://thebittimes.com/tag/filed.html">filed</a> for Chapter 11 <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> protection in the Southern District of New York’s <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> court. The company’s interim CEO, Derar Islim, disclosed that Genesis had accumulated $5.1 billion in liabilities before pausing withdrawals due to its exposure to the FTX collapse.</p> 
 <p>Alongside Genesis Global Capital LLC, two other entities, Genesis Global Holdco (the parent company) and Genesis Asia Pacific (another lending unit), also <a rel="noopener noreferrer nofollow" title="filed" href="https://thebittimes.com/tag/filed.html">filed</a> for <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a>.</p> 
 <p>Analysts suggest that the platform has been on the brink of collapse since July, particularly after the Three Arrows Capital (3AC) blow-up, which left Genesis with $2.3 billion in debt and effectively insolvent. To remain solvent, Genesis required $1 billion in July, highlighting the challenges caused by the problems associated with 3AC.</p> 
 <p>The <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> proceedings of Genesis could have significant implications for the management and recovery of digital assets in the crypto industry. The company owes approximately $3.5 billion to its top 50 creditors, including notable entities such as Mirana, MoonAlpha Finance, VanEck’s New Finance Income Fund, Gemini, and Cumberland.</p> 
 <p>These developments have sparked discussions about the possibility of Genesis seeking a lifeline by proposing that some major creditors convert their loans into equity.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Gemini enters mediation, hopes to quickly resolve DCG dispute 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gemini-filed-an-opposition-to-genesis-s-bankruptcy-plan-tbt61120.html">https://thebittimes.com/gemini-filed-an-opposition-to-genesis-s-bankruptcy-plan-tbt61120.html</a></p>

Gemini filed an opposition to Genesis’s bankruptcy plan

TheBitTimes

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