Gemini Trust has sent an email to creditors regarding the proposed restructuring plan and has now submitted the voting ballot

ChainCatcher news, Gemini Trust posted on the X platform revealing that the company sent an email to creditors on December 13, outlining the proposed restructuring plan, which has now been submitted for a vote. According to the proposed plan, creditors will receive compensation equal to their Earn cryptocurrency balances held before January 19, 2023, the day when Gemini's cryptocurrency lending partner Genesis Global Capital filed for bankruptcy.

Some individuals, including Bloomberg ETF analyst James Seyffart, believe that the plan is "brutal" given the prices of Bitcoin and Ethereum. In the worst-case scenario, creditors could receive 61% compensation, meaning that each Bitcoin held by creditors on Earn would only yield $12,773, which is 30% of the current Bitcoin value. In light of this, some users have strongly opposed the plan, with many urging creditors to "vote against it."