Friday, July 19, 2024
20.5 C
New Jersey

Digital Currency Group’s Parent Company, Genesis, Offers Payment Plan to Creditors, Including Gemini Trust Co.’s Earn Program Participants

Must read

Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Digital Currency Group (DCG) Pays Bankrupt Cryptocurrency Lender for Payment Plan

A parent company of Genesis, Digital Currency Group (DCG), has made a payment plan for its creditors, including participants in Gemini Trust Co.’s earnings program.

Complete Payback for Gemini Earn Program Investors

DCG confirmed that investors in the Gemini Earn program may receive a complete payback that equals or exceeds their initial investment.

Partial Payment in Bitcoin and Ethereum

A portion of the payment will be made in Bitcoin (BTC) and Ethereum (ETH).

Improved Recovery for Unsecured Creditors

Other unsecured creditors of Genesis can expect to recover between 70% and 90% of their investments, which is a significant improvement compared to payments from other insolvent crypto services.

Genesis Sues DCG for Outstanding Loans

Genesis has filed a lawsuit against DCG to recover $620 million in outstanding loans.

Efforts to Support Program Investors and Creditors

This proposal is part of ongoing efforts to support program investors and other creditors of Genesis.

Skepticism from Gemini Trust Co.

Gemini Trust Co. has expressed skepticism and rejected the proposed repayment plan, citing a lack of concrete evidence regarding the recovery percentage for Earn users.

Limited Support from Genesis’ Creditors

DCG’s proposal has received limited support from Genesis’ creditors.

DCG’s Response to Gemini Trust Co.’s Position

DCG has responded to Gemini Trust Co.’s position, suggesting that the interests of Gemini and its founders may not align with those of the program participants.

Genesis and Gemini’s Earning Program

The earning program, a collaboration between Genesis and Gemini, initially promised customers an interest rate of around 8% on their digital asset collectibles.

Lawsuit and Refutation of Unauthorized Offering Claims

The program is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), alleging that it constitutes an unauthorized offering of securities. Both Genesis and Gemini have strongly refuted these claims.

Further Reading: The FBI Interrogates the Winklevoss Twins on DCG CEO Misconduct

For more information, read about the FBI’s interrogation of the Winklevoss twins regarding alleged misconduct by the CEO of DCG.

Follow Us on Google News

Stay updated by following us on Google News.

More articles

Leave a Reply

Latest article