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Gemini, Genesis, and DCG Enter Mediation Process To Resolve Outstanding Issues Related to Genesis Bankruptcy Plan

Gemini, Genesis, and Digital Currency Group (DCG) will initiate a 30-day mediation process to resolve outstanding issues related to the Genesis bankruptcy plan. The mediation will focus on DCG's economic contribution to the bankruptcy estate for the benefit of all creditors, including Gemini Earn users. An order from Bankruptcy Judge Lane to direct the mediation is anticipated to be issued soon.

Two important dates for Earn users are May 8, before which two mediation meetings are planned, and May 9-11, during which DCG is expected to pay the Genesis bankruptcy estate $630 million. If DCG is unable to pay and/or restructure its debt, it risks defaulting on its obligations. The next conference on the status of the matter with the court will be held on May 4. Gemini had warned to sue DCG and its CEO, Barry Silbert, if they did not present a plan to repay the $900 million loan that Gemini had extended to the crypto lender.

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