Gemini, the Winklevoss Twins crypto platform offering an exchange, custodian services, and – in partnership with Genesis – Earn services, has been in a bit of trouble ever since the latter filed for bankruptcy last January.
Possible Recovery Plan Waiting For Court Approval
Genesis, whose legal troubles stemmed partly from a loan to its parent company DCG that had not been repaid, has reportedly finally worked out a plan for repayment with said firm, allowing it to repay creditors – which included Gemini, given the nature of the custodial relationship between the two.
Currently, Genesis owes Gemini a total of $1.6 billion. As a result, Gemini was able to reach out to its users yesterday, offering them a possible exit from the platform, which the community would have to vote on.
“Earn users will soon receive an email with specific instructions on how to vote on the Plan and a link to the Genesis Solicitation Package, including the Disclosure Statement. The Bankruptcy Court found
We współpracy z: https://cryptopotato.com/gemini-proposes-recovery-plan-angers-creditors/
