Gemini: DCG Failed to Pay Approximately $630 Million Debt Due May 11
As of May 19, Digital Currency Group (DCG) has failed to pay approximately $630 million in debt that was due on May 11. Gemini stated it is working with Genesis, DCG, and creditors to provide forbearance to DCG to avoid default, but if no agreement is reached, Gemini and other parties are proposing a revised restructuring plan to Genesis that would not require DCG's approval.
As of May 19, Digital Currency Group (DCG) has failed to pay approximately $630 million in debt that was due on May 11. Gemini stated it is working with Genesis, DCG, and creditors to provide forbearance to DCG to avoid default, but if no agreement is reached, Gemini and other parties are proposing a revised restructuring plan to Genesis that would not require DCG's approval.
Additionally, Gemini is preparing to file claims demanding that Genesis return over $1.1 billion in digital assets to its more than 200,000 Earn users.