Cryptocurrency exchange Gemini is suing DCG, the parent company of bankrupt crypto broker Genesis, after a dispute over the Gemini Earn Program.
The exchange decided to sue Digital Currency Group (DCG) and its CEO after the company missed the deadline to agree to a restructuring deal put forward by the Winklevoss twins.
The Restructuring Proposal
Winklevoss twins-founded Gemini exchange had set Thursday afternoon as the deadline for Digital Currency Group and Genesis to agree to a restructuring deal. Gemini stated that if the deal was not agreed to within the specified deadline, it would pursue litigation. Crypto lending firm Genesis had filed for bankruptcy in January following the collapse of key counterparties of the firm, such as FTX, causing it to freeze all redemptions.
While Genesis’ lending unit had outlined a plan to exit bankruptcy, it has so far been unable to reach an agreement on a restructuring plan for creditors, to whom it owes over $3 billion. The largest credi
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