This article briefly:
Gemini criticized DCG’s bankruptcy plan, saying it manipulated creditors into accepting an unfavorable deal.
Gemini pledged to oppose DCG’s plan to ensure that lenders receive the highest level of recovery for their lost assets.
Gemini accuses DCG of denying its role in the Genesis debacle and refusing to take responsibility.
Cryptocurrency exchange Gemini continues to criticize Digital Currency Group’s (DCG) bankruptcy plan, claiming that DCG is trying to lure its creditors into a bad deal.
“DCG continues its contrived, misleading, and inaccurate claims in an attempt to wreak havoc on the creditors of the Genesis estate generally,” the filing states.
Gemini firmly opposes DCG creditors' actions
In a recent court filing, Gemini claimed that DCG’s bankruptcy plan was an attempt to underpay Genesis creditors through an unfavorable agreement.
“DCG’s statements must be seen for what they are: an attempt by DCG to induce Gemini lenders to accept a deal that would have seen DCG pay significantly less than what it owed.”
Gemini has vowed to continue opposing DCG’s bankruptcy plan, which it claims is intended to maximize the recovery of lost assets for clients.
The document states, “Gemini will continue to fight DCG’s ‘starvation’ practices and ensure that DCG pays a fair and adequate amount. Gemini lenders deserve more value from DCG and have more to come.”
Recent strong criticism of DCG
The cryptocurrency exchange claims that DCG has consistently denied its “central role” in the Genesis debacle, and it further argues that DCG refuses to take any responsibility.
Gemini has been publicly vocal in its disapproval of DCG’s bankruptcy plan in recent days.
On August 31, Gemini argued that the bankruptcy plan was unclear and lacked key information for creditors.
The move comes after DCG debtors and Genesis creditors tentatively agreed to the plan. Gemini objected because the agreement lacked important details about how creditors would be paid.
On July 7, Gemini filed a legal complaint against DCG and its founder Barry Silbert. In the lawsuit, Gemini CEO Cameron Winklevoss accused Silbert of deceiving the exchange.
Winklevoss detailed that when Gemini chose to terminate the Earn program in October 2022, Silbert contacted Gemini to try to convince them to continue the program despite knowing that Genesis was deeply bankrupt. #Gemini #DCG
