At the time of the filing, the company cited the collapse of Three Arrow Capital and FTX as events that led to the company filing for bankruptcy.įederal regulators in the United States subsequently opened an investigation into the Gemini Earn program, with the SEC charging Gemini with violating securities laws.
Ensure the amount included on your behalf is the total sum of your frozen assets. On January 19, the crypto brokerage firm filed for chapter 11 bankruptcy, joining a growing list of companies to collapse since the spring of 2022. Recover Your Money From Gemini Earn: Step by Step. A creditors committee representing crypto exchange Gemini and other creditors has proposed a plan to liquidate crypto lender Genesis Global Capital’s assets after Genesis paused withdrawals in the aftermath of the FTX liquidity crunch in Nov. Genesis halted withdrawals in November 2022, leading users and Winklevoss to threaten legal action against the company and DCG founder Barry Silbert, demanding that Genesis offer a plan for repaying the $900 million loan Gemini made to the now-bankrupt Genesis Global. Gemini Earn customers will likely receive 100 of their assets despite the Digital Currency Group owing Genesis 1.7 billion. Genesis was the primary partner for the service. Gemini and Genesis have been locked in a public battle over the Gemini earn program, which allowed users to deposit their cryptocurrencies and receive yields of between 0.45% and 8% interest, similar to a bank account. Gemini will contribute up to $100 million more for Earn users, and according to a press release sent to Decrypt, the terms of the agreement with DCG includes the sale of Genesis Global Trading.įurther, DCG will exchange its existing $1.1 billion note due in 2032 for convertible preferred stock, and refinance its existing 2023 term loans in two tranches made payable to creditors with an aggregate total value of approximately $500 million. "This agreement was announced in Bankruptcy Court today." “Today, reached an agreement in principle with Genesis Global Capital, LLC (Genesis), and other creditors on a plan that provides a path for Earn users to recover their assets," Winklevoss tweeted. Digital Currency Group Suspends Dividends Amid Regulatory. $0.0472027 -0.13% Terra Classic (Wormhole) Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit.
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