Gemini co-founders sent a letter to DCG founder, requesting the repayment of over $900 million to Earn users

2023-01-02 23:03:37

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ChainCatcher news, Gemini co-founder Cameron Winklevoss sent an open letter to DCG founder Barry Silbert on behalf of over 340,000 users of its Earn product, demanding the repayment of more than $900 million owed.

Previously, Gemini lent digital currency to Genesis, resulting in approximately $900 million in unrecoverable funds, and had to suspend its lending product Gemini Earn. In the open letter, Cameron also revealed that DCG owes Genesis approximately $1.68 billion.

Houlihan Lokey had proposed a plan on behalf of the creditors' committee to address the liquidity issues of Genesis and DCG and provide a pathway for asset recovery. The plan is based on the information received so far from Genesis, DCG, and their respective advisors. (source link)

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