Gemini Opposes Genesis Bankruptcy Plan: 'Woefully Light on Specifics'

Crypto exchange Gemini and a group of ad hoc creditors have raised objections to Genesis' proposed resolution for its bankruptcy, citing a lack of detail and assurances for debtors, as well as inadequate economic consideration, while calling for an end to the exclusivity period for negotiations.

coindesk.com

Relevant topic timeline:

8/21/2023

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program - The Daily Hodl

Crypto exchange Gemini dismisses the SEC's lawsuit against its Earn program, claiming that the regulatory agency is floundering and contradicting itself in its classification of the program as a security.

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

Digital Currency Group and its subsidiary Genesis Global have reached a tentative agreement to resolve bankruptcy issues with unsecured creditors, potentially recovering 70%-90% for creditors and 65%-90% for customers depending on the denomination of digital assets, but the deal does not include customers of its investment program or former partner Gemini.

8/30/2023

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

Crypto lender Genesis' bankruptcy case is facing opposition from a group of creditors who consider the treatment of outstanding loans to be insufficient, as Genesis and parent company DCG reach a tentative deal.

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

Creditors of bankrupt crypto lender Genesis Global Capital have criticized a proposed $175 million deal with FTX, accusing Genesis of vote-buying and manipulating the bankruptcy process, further complicating Genesis' efforts to wind up its affairs and return money to customers.

9/13/2023

Genesis bankruptcy deal offers Gemini Earn users 95-110% recovery of funds by end of 2022

Over 230,000 retail creditors who used Gemini's Earn program are expected to recover almost all of their claims under a proposed remuneration deal, which would see them receive approximately 95-110% of their claims, following the bankruptcy filing of Genesis, the company that provided the financial infrastructure for the program.

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.

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Posted 8/30/2023, 9:43:00 PM

Gemini Opposes Genesis Bankruptcy Plan: 'Woefully Light on Specifics'

coindesk.com

Relevant topic timeline:

8/21/2023

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program - The Daily Hodl

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

8/30/2023

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

9/13/2023

Genesis bankruptcy deal offers Gemini Earn users 95-110% recovery of funds by end of 2022

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.