Gemini co-founder Puts A Final Offer for Restructuring Genesis
In an open letter published on Monday, July 3, Winklevoss said that the proposal is the “floor” that the creditors will accept. The offer includes a $275 million forbearance payment along with a $355 million debt tranche due in two years. Additionally, there’s an $835 million debt tranche due in five years. advertisement Digital Currency Group (DCG), the parent of Genesis Global, shall retain the proceeds from the sale. On the other hand, creditors would get the funds from the disposal of all the Genesis companies. Around hundreds of thousands of Gemini customers have approximately $900 million invested in Earn, a program that allows them to lend coins and earn yields through Genesis . However, Genesis halted withdrawals in November due to financial difficulties caused by the collapse of the FTX exchange. The bankruptcy filing in January disclosed that the top 50 unsecured claims added up to roughly $3.4 billion. Mediation Talks Between Gemin...