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Gemini Seeks To Rally Creditors for Bigger Payout From Bankrupt Genesis’ Parent Company

Gemini, a cryptocurrency exchange, is reportedly attempting to gather support from other creditors to increase the amount of money recovered from Digital Currency Group (DCG), the parent company of bankrupt crypto lending firm Genesis. The proposed plan involves some creditors providing funds to pay others back quickly in exchange for a larger share of any money won from suing DCG.

The plan offers a range of options for creditors, estimating that they could recover up to $2.8 billion from Genesis. Genesis and DCG reached an in-principle agreement with Genesis' creditors on Tuesday, which could lead to a recovery of 70%-90% for unsecured creditors.

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