Gemini in Mediation Period with Genesis to Recover Lost Funds

Updated: 01 May 2023

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The eleventh largest cryptocurrency exchange Gemini has made progress towards recovering the funds that were stuck at Genesis, announcing its plans to enter into a mediation period with the involved parties.

The Digital Currency Group, Genesis’ Unsecured Creditors Committee, and an ad hoc Creditor Committee led by the Winklevoss-owned crypto exchange will be participating in the process.

Gemini has recently expressed its frustration with the restructuring pace of Genesis and communicated the same to its customers on Twitter.

The Winklevoss-owned crypto company, which recently announced plans to launch an offshore exchange, has reached an agreement with Genesis and the Digital Currency Group to start a 30-day mediation process to resolve the outstanding payment as soon as possible.

Participation in the mediation process will be the Unsecured Creditors Committee (UCC) and the ad hoc Creditors Committee led by Gemini.

Gemini Expects Mediation to Commence May 1

Bankruptcy Judge Sean Lane is anticipated to issue a directive for mediation by May 1, 2023.

The mediation will concentrate on assessing the economic input of DCG to Genesis’ bankruptcy estate, to resolve the bankruptcy plan and benefit all creditors, including the Earn users of Gemini.

Although the mediation stipulates a 30-day period, all involved parties are expected to work diligently from the start of the process, given the near-term maturity of a $630 million loan owed to Genesis by its parent company DCG.

“If DCG is unable to pay and/or restructure its debt, DCG risks defaulting on its obligations. So, while the mediation is scheduled for up to 30 days, the parties are expected to work expeditiously towards agreement in the immediate window,” Gemini said in a statement.

Gemini has made it clear that it fully endorses the mediation process and eagerly anticipates collaborating with all parties to achieve a speedy resolution.

In addition, the cryptocurrency exchange voiced its dissatisfaction on the official record before Judge Lane concerning the slow pace of progress in Genesis‘ restructuring endeavors, emphasizing the importance of immediate action.

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