Gemini Creditors Upset Over Reorg Plan That Could Cut Bitcoin Payouts 70%
• Gemini Earn creditors outraged over proposed reorg plan that could slash BTC payouts to 30% of current market value • Plan based on account balances as of Genesis bankruptcy on Jan 19, 2023 when BTC and ETH prices were much lower • Critics call plan "brutal"; some creditors urge others to "VOTE NO" • Angry responses from creditors who accuse Gemini of deceiving them and wanting full value repaid • Creditors have until Jan 10 to accept or reject proposal; court decision on final approval set for Feb 14