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Gungun Bhatia
Dec 21, 2022
by Gungun Bhatia

Gemini Creditor Committee Unveils Plan to Address Liquidity Problems

Gemini Creditor Committee

Table of contents

  1. Introduction of Plan by Gemini Creditor Committee
  2. DCG - A Parent Company of Coindesk
Gemini co-founder Cameron Winklevoss revealed in a tweet that a creditor committee that includes Gemini has offered Genesis and Digital Currency Group a strategy to create a roadmap for the return of assets.

Introduction of Plan by Gemini Creditor Committee

Gemini and Genesis collaborated to develop Gemini Earn in February 2021, during the peak of the boom phase, which gave customers access to up to 7.4% interest on their cryptocurrency deposits. Genesis froze Gemini Earn money in the middle of November when it stopped accepting withdrawals due to the market instability brought on by FTX.

Amanda Cowie, vice president of communications and marketing at DCG at the time, stated this action was taken in reaction to the tremendous market disruption and loss of industry trust created by the FTX collapse. Genesis's trading and custody operations are unaffected by this judgment. However, it affects the loan industry.

DCG - A Parent Company of Coindesk

The business activities of DCG and the other completely owned companies are unaffected by this judgment, which is significant. Furthermore, Digital Currency Group (DCG) is the parent firm of Coindesk. The total sum owing to Gemini, out of the $1.8 billion payable to the creditors' group, was estimated in earlier reports to be $900 million.

The Creditor Committee has hired investment bank Houlihan Lokey to serve as its financial adviser, while the law firm Proskauer Rose will serve as its counsel.

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genesis Gemini Earn Digital Currency Group DCG FTX Collapse Gemini Creditor Committee Liquidity Problems
Gemini Creditor Committee Unveils Plan to Address Liquidity Problems
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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