Gemini and Genesis continue dispute over Gemini Earn program.
Genesis’ decision to close customer withdrawals in November 2022 drew criticism from Cameron and Tyler Winklevoss. In response, they threatened to sue DCG and its founder Barry Silbert.
Gemini demanded that Genesis develop a repayment plan for the $900 million loan the exchange provided to the now bankrupt Genesis Global.
The clash between the two sides continues to gain momentum. In its latest statement, Gemini reports “bad faith” by DCG.
If no resolution is reached, the exchange is considering offering a “modified reorganization plan.”. This can happen without DCG’s consent or involvement.
Gemini is also preparing to file a lawsuit to recover more than $1.1 billion in Genesis digital assets for more than 200,000 Earn users.
It was previously reported that DCG is selling off some of the most liquid assets under Grayscale’s management at a significant discount in order to meet its obligations.