Gemini considers forbearance after DCG misses $630 million repayment

- Gemini noted the missed repayment in the most recent status update on its Earn program, the exchange's embattled crypto lending platform that was forced to halt redemptions when Genesis, which held a considerable amount of the funds invested into Earn, declared bankruptcy in January.

Under forbearance, lenders grant borrowers a temporary reduction or pause in payments to help them get their financial matters in order. Eventually, the borrower must repay all reduced or missed payments. To prepare for this possibility, Genesis filed a motion on Friday with the Bankruptcy Court seeking to extend its period of exclusivity to propose such a plan.

According to the original court filing, Genesis owes over $3.5 billion to its top 50 creditors, including Gemini, Cumberland, Mirana, MoonAlpha Finance and VanEck's New Finance Income Fund.

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Gemini accuses parent company DCG of not paying $630 million duesGemini has accused its parent company, the Digital Currency Group (DCG), of failing to pay $630 million, which was due last week.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Gemini accuses parent company DCG of not paying $630 million duesGemini has accused its parent company, the Digital Currency Group (DCG), of failing to pay $630 million, which was due last week.
Source: CryptoAmb - 🏆 22. / 68 Read more »