TechFlow news: Cryptocurrency trading platform Gemini stated that Digital Currency Group (DCG) has failed to pay approximately $630 million in debt due on May 11. Gemini is actively working with Digital Currency Group (DCG), Genesis, and creditors to avoid a DCG default.
Gemini plans to propose a revised restructuring plan for Genesis without requiring approval from DCG. Meanwhile, Gemini co-founder Cameron Winklevoss publicly accused DCG CEO Barry Silbert of employing "bad-faith delaying tactics."
It is reported that Gemini is seeking to recover over $1.1 billion in digital assets for its more than 200,000 Earn users.
Currently, Genesis is awaiting court approval to submit its Chapter 11 plan by August 27 and to have Gemini accept it by October 26.
