Gemini Files Court Statement Accusing Digital Currency Group Of Fraudulent Actions


16 Sep 2023 12:00 AM

In a court filing, Gemini has accused Digital Currency Group of engaging in “fraudulent activities” and attempting to evade responsibility...

  • Gemini, a US-based crypto exchange platform, has accused Digital Currency Group (DCG) of engaging in "fraudulent activities" and evading responsibility for harm caused to creditors.
  • Gemini claims that DCG devised a $1.1 billion promissory note to conceal financial losses from the collapse of Three Arrows Capital (3AC) and misled Gemini's creditors.
  • DCG allegedly borrowed a substantial amount of Bitcoin from Gemini instead of providing capital and is now unwilling to repay over $630 million borrowed.
  • DCG proposed a deal that would require Genesis creditors, including Gemini, to extend credit to DCG, but Gemini intends to fight against this proposal.
  • Gemini criticizes DCG's proposed recovery rates, stating that they are misleading and demands improved terms for loans provided by DCG.
  • Gemini accuses DCG of being responsible for its subsidiary's insolvency and hindering progress in distributing funds to Gemini Lenders.

The article portrays Gemini's accusations against Digital Currency Group (DCG) as negative, highlighting fraudulent activities, evasion of responsibility, misleading representations, and refusal to repay borrowed funds. Gemini's determination to fight against DCG's proposed deal and criticism of recovery rates further emphasize a negative sentiment.

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You May Ask

What is Gemini accusing Digital Currency Group (DCG) of?How did DCG allegedly conceal financial losses caused by the collapse of Three Arrows Capital?Why is Gemini opposing DCG's proposed deal?What are Gemini's criticisms of DCG's recovery rates?How has DCG's actions hindered progress in distributing funds to Gemini Lenders?

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