Will Gemini contribute $100 million to Genesis' recovery plan?

Crypto exchange Gemini will contribute $100 million in cash to a recovery plan for bankrupt crypto lender Genesis. The exchange, founded by the Winklevoss twins, said the funds would be reserved for its Earn users, who had about $900 million of assets frozen when Genesis paused withdrawals. Cameron and Tyler Winklevoss.

What if DCG owes Genesis $630 million?

DCG owes Genesis over $630 million that came due in early May. DCG is in default. Should the mediation fail, Gemini supports Genesis taking steps to immediately recover these funds from DCG. Gemini is frustrated that Earn users have been separated from over $1.122 billion in assets loaned to Genesis for over seven months.

How much money will Gemini contribute to earn?

Gemini will contribute up to $100 million more for Earn users, and according to a press release sent to Decrypt, the terms of the agreement with DCG includes the sale of Genesis Global Trading.

Did Genesis owe its creditors a lot of money?

Genesis owed its creditors, including Gemini and its users, billions of dollars. Gemini, founded by Cameron and Tyler Winklevoss, had been engaged in a high-profile back-and-forth with Barry Silbert, who owns DCG.