A new statement has been made for Bitcoin and altcoin exchange Gemini. Gemini was out of service recently due to maintenance work. There was an outage last night. Now, Gemini co-founder Cameron Winklevoss has made various statements about Genesis and DCG. Here are the details…
The committee of the Bitcoin exchange made a plan
Gemini co-founder Cameron Winklevoss tweeted. He said a creditor committee that includes Gemini has made a plan for Genesis and Digital Currency Group (DCG). He said this committee presented a plan to “provide a way for assets to be recovered.” The creditor committee expects to hear from Genesis and DCG by the end of the week. cryptocoin.com As we reported, in February 2021, at the height of the bull market, Gemini partnered with Genesis to create Gemini Earn, which offers customers up to 7.4 percent interest on cryptocurrency deposits.
However, in mid-November, Genesis suspended withdrawals due to market turmoil from FTX. In the process, Gemini Earn froze its funds. Amanda Cowie, vice president of communications and marketing at DCG, made the following statements on the subject:
This decision was made in response to the extreme market shift and loss of industry confidence caused by the FTX boom. This affects the lending business at Genesis. However, it does not affect Genesis’ trading or custody operations. More importantly, this decision has no impact on the business activities of DCG and our other wholly-owned subsidiaries.
$1.8 billion debt cut in half
Earlier reports fixed the value of the total amount owed to Gemini. It reduced the total owed to the group of creditors from $1.8 billion to $900 million. Investment bank Houlihan Lokey acts as a financial advisor on behalf of the Creditors Committee. On the other hand, the law firm Proskauer Rose acts as a trustee.
A second outage at Gemini
Meanwhile, Gemini was interrupted once again last night after the previous day’s outage. The exchange pointed to a “potential service disruption” yesterday evening and was down for a while. The exchange cited an app recovery issue as a “potential service disruption” it’s investigating. The exchange underlined that all customer accounts and funds in Gemini are completely safe. The stock market re-activated about two hours after the development.
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