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.

Did Genesis and Gemini strike a three-way investment transaction?

Zoom in: When Genesis and Gemini struck a partnership for Gemini's Earn program between Feb. 2021 and Nov. 2022, they effectively struck a three-way investment transaction, according to the complaint. Gemini customers tendered crypto assets to Genesis and Genesis promised to pay them interest on those assets, the SEC alleges.

How much money will Gemini contribute to earn?

In addition, Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery. We have been working around the clock since November 16, 2022 to reach this milestone.

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.