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.

Does Gemini have a relationship with Genesis Global Capital (Genesis)?

Gemini — acting as agent on behalf of Earn users — has been in ongoing conversations with Genesis Global Capital, LLC (Genesis), Digital Currency Group, Inc. (DCG), the parent company of Genesis, and Barry Silbert (CEO of DCG) in an effort to find a resolution as soon as possible.

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.

Did Genesis owe its creditors a lot of money?

Genesis owed its creditors, including Gemini and its users, billions of dollars. Gemini, founded by Cameron and Tyler Winklevoss, had been engaged in a high-profile back-and-forth with Barry Silbert, who owns DCG.