Claim: “Genesis Will Default If It Doesn’t Pay Its Debt To Gemini Today”

Cryptocurrency According to the text of the “Master Loan Agreement (MLA)” about the Earn program on the official website of the stock exchange Gemini, Genesis, a part of the Digital Currency Group (DCG), will default today in US time if it does not pay its debt.

According to the Agreement Text on Gemini’s Official Website, Genesis’ 2-Day Term From Agreement Termination Will End Today US Time

This development, yet at the claim level, drew attention due to the following statements in the contract on Gemini’s website:

“In addition, it is agreed that any of the following events will constitute a default event under this Agreement against the defaulting Party and will be referred to herein as “Default Event” or “Default Events”:

(a) The Borrower’s failure to return all of the Loaned Assets upon termination of any Loan. However, the Borrower will have two Business Days to correct this default;

As it is known, Gemini announced in an e-mail to its customers on January 8 that they had terminated their MLA agreement with Genesis. According to this detail, the time given to Genesis ends today.

In an open letter published today, Gemini CEO Cameron Winklevoss made harsh words about Digital Currency Group and its CEO Barry Silbert and accused this company of fraud.

Digital Currency Group, on the other hand, stated in its response text that Gemini would exercise its legal rights against these accusations.

After that, DCG CEO Barry Silbert published an open letter, this time personally, saying that Genesis and Digital Currency Group are separate entities and that he never remembers meeting with Three Arrows Capital and FTX affiliates.

*Not investment advice.