How much does Genesis owe Gemini customers?

Dec 3 (Reuters) - Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday.

Does Gemini support Genesis?

Gemini continues to support Genesis in each of the approaches it tries to reach this goal and remains motivated to relieve Earn users’ frustrations with Genesis’s delayed return of more than $1.1 billion to over 232,000 Earn users. Gemini is committed to returning as much value as possible and as quickly as possible to Earn users.

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?

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.