Gemini: DCG Has Not Paid Approximately $630 Million Due on May 11

Gemini said it is working with Genesis, DCG and creditors to provide DCG with a grace period to avoid default and is considering good faith negotiations on a mutually agreeable transaction. Gemini said it is working with Genesis, DCG and creditors to provide DCG with a grace period to avoid default and is considering good faith negotiations on a mutually agreeable deal. If no agreement can be reached, Gemini (along with other parties) is working with Genesis to propose terms for a revised plan of reorganization that can move forward without DCG's consent to participate. 

To that end, Genesis filed a motion with the bankruptcy court on May 19 seeking an extension of its exclusivity period to file the plan. This would be a plan with Gemini's input, if not direct support. In the meantime, Gemini is preparing to file a claim seeking the return of more than $1.1 billion in digital assets from Genesis for its 232,000 Earn subscribers.