Cameron Winklevoss, the Co-Founder of Gemini, announced that the company has come to an “agreement in principle” with Genesis late on Feb. 6.
Gemini has made several strong claims against Genesis on behalf of Gemini Earn customers, arguing that Genesis owed customers over $1 billion.
Investors were feared to be at risk of losing $485 million through Genesis’ bankruptcy procedures. However, Cameron confirmed that a “plan that provides a path for Earn users to recover their assets” had been agreed upon in court.
Winklevoss also disclosed that Gemini would contribute $100 million as a part of the plan.
“This plan is a critical step forward towards a substantial recovery of assets for all Genesis creditors.
Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.”
The Gemini Co-Founder stated that while there is “still much work to be done,” he is confident the issue is moving in the right direction.
“We are confident that we now have a framework in place to execute on.”
No information has yet been revealed as to whether Earn customers will receive funds on a 1:1 basis or at a discounted rate. However, Reuters confirmed that “Digital Currency Group… reached an agreement in principle on a restructuring plan with a group of creditors,” citing DCG subsidiary CoinDesk. Cameron’s announcement, therefore, aligns with the news released by DCG.
Future updates on the Gemini Earn fund recovery status can be found on the Gemini website.
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