- Gemini, Genesis, and the Digital Currency Group have agreed to start a 30-day mediation process.&
- The mediation process, which includes the Unsecured Creditors Committee, will see all parties work towards a final resolution.&
- The Winklevoss-owned crypto exchange has expressed its frustration with the slow pace of Genesis’ restructuring efforts.&
Crypto exchange Gemini has come one step closer to recovering the funds stuck at Barry Silbert’s struggling crypto firm Genesis. Gemini has announced that it is set to enter a mediation period with Genesis, the Digital Currency Group (DCG), Genesis’ Unsecured Creditors Committee, and an ad hoc Creditor Committee led by the Winklevoss-owned crypto exchange.
Gemini Expresses Frustration With Genesis’ Restructuring Pace
Gemini took to Twitter earlier today to give its customers an update regarding the situation with Genesis and associated debtors. According to the Twitter thread, the crypto exchange has reached an agreement with Genesis and the Digital Currency Group to start a 30-day mediation process in order to come up with a final resolution regarding the outstanding payment as soon as possible. The parties that will participate in the mediation process include the Unsecured Creditors Committee (UCC) and the ad hoc Creditors Committee led by Gemini.
Bankruptcy Judge Sean Lane is expected to issue an order directing the mediation as early as May 1, 2023. The mediation process will be focused on the economic contribution of DCG to Genesis’ bankruptcy estate in order to bring resolution to its bankruptcy plan and benefit all creditors, including the Earn users of Gemini. While the mediation provides for a 30-day period, all parties are expected to work expeditiously as soon as the mediation process begins, given the upcoming maturing of a $630 million loan owed to Genesis by its parent firm DCG.&
If DCG is unable to pay and/or restructure its debt, DCG risks defaulting on its obligations. So while the mediation is scheduled for up to 30 days, the parties are expected to work expeditiously towards agreement in the immediate window.”
Gemini has clarified that it is supportive of the mediation process and looks forward to working with all parties to reach a resolution as soon as possible. The crypto exchange also expressed its frustration on record before Judge Lane regarding the pace of progress among the parties involved in Genesis’ restructuring efforts and emphasized the need for urgency.&
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