Gemini

Bitcoin

Partial

Read

<div class="cryptonews"> 
 <p class="is-style-lead">Digital Currency Group (DCG), the parent company of the insolvent crypto lending firm Genesis, is pushing for a <a rel="dofollow" title="repayment" href="https://thebittimes.com/tag/repayment.html">repayment</a> plan for its <a rel="dofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a>, which includes participants in the Gemini Trust Co.’s Earn program.</p> 
 <p>In a filing on Wednesday, Sep. 12, DCG assured Gemini Earn program investors that they could potentially receive complete reimbursement, equal to or even exceeding their initial investment.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="zxx" dir="ltr">pic.twitter.com/vw4ONdHB0u</p>— Digital Currency Group (@DCGco) September 13, 2023
   </blockquote> 
  </div>
 </figure> 
 <p>Partial repayments will be made in Bitcoin (BTC) and Ethereum (ETH). </p> 
 <p>The filing also indicates that other unsecured <a rel="dofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a> of Genesis could potentially recover between 70% and 90% of their investments, which stands as a notable improvement compared to the expected payouts to customers of other insolvent crypto services like Voyager Digital and BlockFi Inc.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Genesis suing DCG to recover $620m in outstanding loans 
 </div> 
 <p>This suggestion comes as part of ongoing efforts to gain support from Earn program investors and other Genesis <a rel="dofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a>. </p> 
 <p>There has been skepticism from Gemini Trust Co., which rejected the proposed repayment plan earlier this month. </p> 
 <p>Gemini cited a lack of concrete evidence to ensure that Earn users would recover between 70% and 90% of their investments. </p> 
 <p>Moreover, DCG’s proposal has received limited endorsement from Genesis <a rel="dofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a>.</p> 
 <p>DCG countered Gemini Trust Co.’s stance by pointing out that the interests of Gemini and its founders, Tyler and Cameron Winklevoss, may not align entirely with those of Earn program participants.</p> 
 <p>The Earn program, a joint effort between Genesis and Gemini, initially promised clients approximately 8% interest on their digital asset holdings. </p> 
 <p>However, this initiative is currently entangled in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), alleging that it constituted an unauthorized securities offering. </p> 
 <p>Genesis and Gemini have strongly refuted these allegations.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> FBI questions Winklevoss twins on DCG’s CEO misconduct 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/dcg-proposes-repayment-plan-for-genesis-creditors-tbt62673.html">https://thebittimes.com/dcg-proposes-repayment-plan-for-genesis-creditors-tbt62673.html</a></p>

DCG proposes repayment plan for Genesis creditors

TheBitTimes

Other articles published on Sep 13, 2023

Tom Emmer Reintroduces Bill to Stop ‘Unelected Bureaucrats’ From Issuing A CBDC

Hong Kong’s SFC Cracks Down on Unregistered Crypto Exchange JPEX

Bitcoin Cash Price Prediction as BCH Breaches $200 Resistance – Time to Buy?

Coinbase expands offerings with web3 wallet for institutional clients

FTX Holds $560,000,000 in Bitcoin and $1,162,000,000 in Solana, Court Documents Reveal

Bitcoin: 5 crypto alerts not to miss

Join our free newsletter for daily crypto updates!