Gemini Says Genesis Parent DCG Missed $630 Million Payment
Gemini Says Genesis Parent DCG Missed $630 Million Payment
Venture capital Digital Currency Group (DGC) is experiencing financial struggles as it missed its $630 million payment to crypto exchange Gemini.
Because of this, New York-based Gemini's CEO Cameron Winklevoss filed an issue with DCG and its head Barry Silvert over the repayment of a $900 million loan over the venture capital company.
Moreover, the allegations came forward after DCG subsidiary Genesis following the filing of DCG for bankruptcy amidst the accusations of mixed funds and current disagreements regarding loan repayments.
According to Gemini's update, if there are zero conclusions, Gemini and other parties suggest a modified realignment plan that doesn't require DCG's approval.
As stated by Gemini's statement, the consideration will solely focus on whether the parties will presume that DCG will take part in better negotiations in a consensual manner.
A DCG spokesperson did not respond to a comment at the time of writing.
The Gemini CEO has publicly accused the DCG CEO of operating in bad faith and stalling strategies. As a result, the company filed a case to return $1.1 billion in digital assets from Genesis for its 200,000 users.
Genesis lawyers requested the Bankruptcy Court of the Southern District of New York mid-May to extend their Chapter 11 filing and solicit implications. Once approved, they will have until August 27 to produce a plan and for the Gemini firm to accept it.
January court reports state that Genesis owes over $3.5 billion to its leading 50 lenders, including Mirana, Cumberland, MoonAlpha Finance, VanEck's New Finance Income Fund, and Gemini.
