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Digital Currency Group (DCG) Seeks Repayment Plan for Genesis’ Creditors, Including Gemini Trust Co.’s Earn Program Participants

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DCG Seeks Repayment Plan for Creditors, Including Gemini Earn Investors

Digital Currency Group (DCG), the parent company of cryptocurrency lender Genesis, is working on a repayment plan for its creditors, which includes participants in Gemini Trust Co.’s Earn program.

DCG assures Gemini Earn investors that they will likely receive full compensation, equal to or even exceeding their initial investment.

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The repayment will be made partially in Bitcoin (BTC) and Ethereum (ETH).

According to the filing, Genesis’ other unsecured creditors may recover between 70% and 90% of their investments, which is a significant improvement compared to other insolvent crypto services like Voyager Digital and BlockFi Inc.

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This proposal aims to gain support from Earn Program investors and other Genesis creditors.

Gemini Trust Co. has expressed skepticism about the proposed repayment plan, as there is no concrete evidence to guarantee the recovery of 70% to 90% of investors’ funds.

DCG disagrees with Gemini Trust Co.’s position, suggesting that the interests of Gemini and its founders, Tyler and Cameron Winklevoss, may not align fully with the interests of Earn Program participants.

The Earn program, a collaboration between Genesis and Gemini, initially promised customers around 8% interest on their digital asset holdings. However, it is currently facing a lawsuit filed by the US Securities and Exchange Commission (SEC) for allegedly conducting an unauthorized offering of securities. Both Genesis and Gemini strongly deny these claims.

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