GEMINI EXCHANGE JOBS FULL
Essentially, it’s a full recovery for current customers under these scenarios.”Īccording to the proposed agreement in principle, shared on Aug. So, they're looking at total recoveries of a billion dollars or more, which is roughly their total claim. And then on top of that Earn customers get the $600+ million dollars of collateral that Gemini is holding. “That claim is estimated to receive distributions of $400 million to $535 million. (Grayscale is another DCG division.) “Depending on how the bankruptcy claim is calculated, the Earn customers are estimated to get between $440 million and $765 million of a claim,” a DCG executive, who asked not to be identified, said in an interview.
GEMINI EXCHANGE JOBS PLUS
The Earn customers’ claim is being calculated based on what will be returned from the Genesis bankruptcy estate, plus Gemini user collateral of more than 30 million shares of the Grayscale Bitcoin Trust (GBTC), worth approximately $607 million, according to bankers for DCG. (DCG is also the owner of CoinDesk.) Tuesday’s filing takes shots at Gemini, alleging the company was not contributing financially to making its own customers whole in the bankruptcy. In the meantime, an acrimonious, public battle has been waged by the owners of the Gemini exchange, Cameron and Tyler Winklevoss, against DCG founder Barry Silbert. A resolution has been delayed for months by talks over the contribution that DCG should make. Genesis' lending arm filed for bankruptcy in January after a double whammy from the collapse of hedge fund Three Arrows Capital and crypto exchange FTX. dollar equivalent of their holdings through the company’s reorganization. A filing on Wednesday states that if assorted Genesis creditor groups vote to approve a proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.” Attorneys for Genesis and DCG had previously said unsecured creditors could receive up to 90% of the U.S. That turned into a problem for Gemini customers when Genesis was forced to halt withdrawals and then filed for bankruptcy protection. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. Beleaguered Gemini Earn Customers Will Be Made ‘Nearly Whole,’ DCG and Genesis Say About Remuneration PlanĪ filing on Wednesday states that if the assorted creditor groups vote through the proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.”Ĭryptocurrency lending operation Genesis and its parent company Digital Currency Group (DCG) say that over 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year.
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