Reported Coindesk, 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.
Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program.
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. dollar equivalent of their holdings through the company’s reorganization.
DCG Reaches In-Principal Deal with Genesis Creditors, Could Recover Up to 90%
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