{"id":79092,"date":"2023-05-22T12:43:01","date_gmt":"2023-05-22T09:43:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79092"},"modified":"2025-09-11T09:03:50","modified_gmt":"2025-09-11T06:03:50","slug":"dcg-misses-630m-payment-to-gemini-earn","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/dcg-misses-630m-payment-to-gemini-earn\/","title":{"rendered":"DCG misses $630m payment to Gemini Earn"},"content":{"rendered":"

The Digital Currency Group (DCG, Genesis’ parent company) missed a $630 million payment as part of compensation to Gemini Earn users. This was reported<\/a> by Cameron Winklevoss, co-founder of the trading platform.<\/p>\n

DCG was scheduled to transfer the funds from May 9 to May 11.<\/p>\n

The parties are currently considering the possibility of extending the debt to avoid a default. The decision hinges on whether the holding will continue to engage in good-faith negotiations on the agreed deal.<\/p>\n

According to the statement, if the terms of the agreement are not met, Gemini will propose a restructuring plan that does not require DCG’s approval. Gemini has already filed the corresponding petition in court.<\/p>\n

The crypto exchange has also filed a lawsuit seeking the immediate return of $1.1 billion to 232,000 affected Gemini Earn users.<\/p>\n

Genesis owes more than $3.5 billion to its 50 largest creditors, including Gemini, Cumberland, Mirana, MoonAlpha Finance and New Finance Income Fund VanEck.<\/p>\n

Earlier, DCG, Genesis, the creditors’ committee of the crypto lending platform, and Gemini agreed<\/a> to launch a 30-day pre-litigation settlement process.<\/p>\n

The parties are seeking an acceptable resolution to the February 2023 Genesis agreement with creditors<\/a>, under which creditors would be able to recover 80% of the lost funds. The arrangements envisaged a gradual write-down of Genesis’s loan portfolio and the sale of insolvent structures.<\/p>\n

Financial support<\/a> for the group’s lending business was required after the June 2022 bankruptcy of the cryptocurrency Three Arrows Capital<\/a> hedge fund.<\/p>\n

On November 6, 2022, Genesis Global Capital suspended withdrawals<\/a> and the issuance of new loans. The firm cited heightened client demands after the collapse of FTX<\/a>.<\/p>\n

In January 2023, Genesis Global Holdco and its subsidiary Genesis Asia Pacific and Genesis Global Capital filed for bankruptcy<\/a>. Reports say their liabilities exceed $3 billion<\/a>.<\/p>\n

As noted, in May DCG founder Barry Silbert liquidated 120,000 shares<\/a> ETCG<\/span> Grayscale Investments, the subsidiary of the holding company led by him, worth $755,295.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Digital Currency Group (DCG, Genesis’ parent company) missed a $630 million payment to Gemini Earn users.<\/p>\n","protected":false},"author":1,"featured_media":79093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,184,719,1380],"class_list":["post-79092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-dcg","tag-gemini","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79092"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79092\/revisions"}],"predecessor-version":[{"id":79094,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79092\/revisions\/79094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79093"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}