Gemini exchange withdrawal fees11/11/2023 ![]() ![]() However, there are still some hurdles to overcome. However, if they really do manage to take home 90%, they might even call themselves moderately satisfied with how the post-bankruptcy negotiations were conducted. Dedicated repayment to creditorsĭespite all this, it is still too early for creditors to sing victory.įor one thing, it is now clear that they will never recover all their claims. The company, however, is trying to restructure its debt, thanks largely to the agreement it just signed with creditors, and at this point Chapter 11 will not prevent it from possibly reopening once the bankruptcy proceedings are successfully completed. What’s more, in January 2023 it was accused by the SEC of selling unregistered securities through the Earn service offered by the Gemini exchange, making any rescue attempt futile at that point. Problems began in 2022, after the implosion of the Terra/Luna ecosystem, and especially after the failure of Celsius and BlockFi.Īt first the parent company DCG had taken on some debts, but after the FTX bankruptcy the situation got even worse.Įventually the debts were too many, and the collections too few, and so there was no alternative to bankruptcy. It was founded ten years ago, so much so that it claims to have been the first to provide an OTC trading desk on Bitcoin. It provided various crypto services through different subsidiaries, such as Genesis Global Trading, Genesis Global Capital, and Genesis Custody. Genesis was a crypto financial services company aimed primarily at institutional investors and people with large assets. In total, Genesis’ debts are about $3.6 billion, and among the main creditors is crypto exchange Gemini. However, it must be stressed that the agreement is not yet final, because it still has to be approved by the court. It is worth mentioning that DCG is a venture capital firm that, among others, owns CoinDesk, Grayscale Investments and Luno, as well as Genesis.Īccording to the agreement made with the creditors, this plan should guarantee a repayment of between 70% and 90% of the outstanding debts, i.e., with significantly limited losses for the creditors. In order to finance the repayment, DCG will seek financing of just under $330 million, which will be in addition to its existing debts. This mediation resulted in an agreement that provides for partial repayment of the claims. ![]() ![]() The mediation actually took place between Genesis Global’s parent company, Digital Currency Group (DCG), and Genesis’ creditors at the time of the bankruptcy. ![]()
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