![]() If Gemini did commit $100 million to the recovery fund, DCG said, “there would be little doubt Gemini Earn users would receive more than full recovery.” Gemini did not immediately respond to a request for comment. “It also is particularly disingenuous in light of Gemini’s earlier agreement to contribute $100 million in cash to fund the restructuring proposal memorialized on Feb. “This failure by Gemini to ‘put its money where its mouth is’ while it touts its purported dedication to providing Gemini Earn users a full recovery is inexplicable,” the filing said. In the filing, DCG criticized Gemini for its lack of contribution to the plan, after it committed earlier in the year to contribute $100 million in cash towards the restructuring proposal. It compared the recovery rates to those of recent Chapter 11 bankruptcy cases, which come in at 48.5% on average, and tend to be much lower for other crypto Chapter 11 bankruptcy cases, such as the ongoing Voyager and BlockFi cases. “A remarkable outcome for any liquidating chapter 11 case, let alone one liquidating a business in the volatile and deeply distressed cryptocurrency industry,” said DCG in the filing. The firm estimates that Gemini Earn users could get back all of their assets with a recovery rate estimated at between 95% to 110%. ![]() 13, estimates unsecured creditors of Genesis Global would have a recovery rate of between 70% and 90% of their assets with “a meaningful proportion” of those assets in digital currencies. Digital Currency Group (DCG), a crypto investment firm and the parent company of bankrupt lender Genesis Global, has proposed a plan to creditors that could see users who invested in crypto exchange Gemini’s earn program recover nearly all of their claims.
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