Gemini vs Digital Currency Group

[zasad@]

https://decrypt.co/138453/gemini-warns-barry-silbert-digital-currency-group-630m-default-risk

Gemini Warns Barry Silbert's Digital Currency Group of $630M Default Risk
"DCG “risks defaulting on its obligations” if it's unable to pay the $630 million debt made to bankrupt Genesis, said Gemini.
Mediation is underway to resolve the outstanding issues between DCG, Genesis, and Gemini.

Per an update, Gemini, Genesis, and its parent company Digital Currency Group (DCG), as well as creditor committees agreed to initiate “a 30-day mediation process to drive to a final resolution as soon as possible.”"

[safar1980]

Bankrupt crypto exchange FTX wants to claw back nearly $4 billion in funds from similarly bankrupt Genesis Global Capital, the company said in a court filing Wednesday.
Genesis was "largely repaid" the nearly $8 billion in loans made to Alameda Research, an FTX-affiliated entity in the weeks leading up to FTX's bankruptcy in November, the motion said. Genesis is a subsidiary of Digital Currency Group, CoinDesk's parent company. Genesis filed for bankruptcy itself in January.
https://www.coindesk.com/policy/2023/05/03/ftx-seeks-to-claw-back-nearly-4b-in-ongoing-bankruptcy-case/

[DaveF]

Posted someplace else here a while ago:



Followed by my comment of this is about the same:



This is going to long and messy. There is so much fraud and so many things intertwined that you have to start to wonder if it would just be easier to take everything from everyplace that was involved and just liquidate it all and give back whatever you get to the people who it's owed to.

The 'take off and nuke it from orbit' theory. Yes, you might get $2 billion more going through everything line by line but if it takes 4 years and $3 billion to do it did you really accomplish anything?

-Dave

[zasad@]

This is going to long and messy. There is so much fraud and so many things intertwined that you have to start to wonder if it would just be easier to take everything from everyplace that was involved and just liquidate it all and give back whatever you get to the people who it's owed to.

The 'take off and nuke it from orbit' theory. Yes, you might get $2 billion more going through everything line by line but if it takes 4 years and $3 billion to do it did you really accomplish anything?

-Dave

If it is very simple to explain, then all these financial schemes are planned by very smart people in order to eventually bankrupt some companies and not return the money to investors. Part of the money will be returned, but no one forced investors to carry their money by force and they understood the risks.

[zasad@]

https://www.coindesk.com/business/2023/05/22/gemini-says-genesis-parent-dcg-missed-630-million-payment/
"Digital Currency Group (DCG) missed a $630 million payment owed to Genesis last week.
Gemini CEO Cameron Winklevoss has threatened to sue DCG CEO Barry Silbert and DCG over the repayment of a $900 million loan after Genesis, a DCG entity, filed for Chapter 11 bankruptcy, amid allegations of mixed funds and ongoing disputes about loan repayments. The U.S. Securities and Exchange Commission (SEC) has accused both firms of selling unregistered securities through their Earn program."

[zasad@]

https://twitter.com/cameron/status/1676024844641550337
An Open Letter to @BarrySilbert



____
"Gemini Earn users are still "in limbo" as their assets are stuck in DCG-owned Genesis Global, according to a released letter from Gemini CEO Cameron Winklevoss. Winklevoss demanded a total of $1.465 billion from DCG, including a $630 million payment due in May. As part of the updated offer, DCG has until July 21 to pay $275 million."
https://overtonfx.ru/threads/gemini-prigrozila-sudom-osnovatelju-dcg-za-neuplatu-dolga-po-programme-gemini-earn.8044/

____
Barry Silbert’s Digital Currency Group Names Shifke as CFO
DCG says second-quarter revenue totaled $216 million
DCG says it’s close to settling with bankruptcy creditors
https://www.bloomberg.com/news/articles/2023-07-31/barry-silbert-s-digital-currency-group-names-mark-shifke-as-cfo#xj4y7vzkg

___
DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%
The plan could result in recoveries of 70% to 90% in USD equ
https://www.coindesk.com/policy/2023/08/29/dcg-reaches-in-principle-deal-with-genesis-creditors-estimates-recoveries-of-70-90/

[zasad@]

https://www.msn.com/en-us/money/companies/digital-currency-group-in-deal-with-bankrupt-unit-genesis-to-end-620-million-suit/ar-AA1kGJA6
"Digital Currency Group struck a new repayment deal with its bankrupt subsidiary, Genesis Global Holdco LLC, as part of an agreement to end a lawsuit that sought roughly $620 million from DCG.

Genesis lawyer Sean O’Neal said during a Tuesday hearing that the deal will provide the bankrupt crypto lender with roughly $200 million in value over the next few weeks and requires DCG to complete outstanding payments in April 2024. If DCG defaults, Genesis can try to collect any unpaid amount, according to court papers.

The proposed agreement is meant to resolve a lawsuit Genesis brought in September to recover outstanding loans from its parent conpany. DCG, which has been making payments to Genesis since the lawsuit was filed, still owes its subsidiary $324.5 million as of Nov. 28, according to court documents. "