Gemini legal team accuses DCG of 'gaslighting' Genesis creditors
Cointelegraph
15 Sep 2023 9:25 PM
Digital Currency Group made "contrived, misleading, and inaccurate assertions” in its recovery plan for Genesis creditors, according to Gemini Trust....
- Lawyers representing Gemini Trust have criticized Digital Currency Group (DCG) for its proposed recovery plan for Genesis Global creditors.
- The legal team accuses DCG of making misleading and inaccurate assertions in the plan, which aims to offer creditors a 70-90% recovery with a portion in digital currencies.
- Gemini Earn users are promised an approximately 95-110% recovery for their claims.
- The lawyers argue that DCG is attempting to deceive Gemini Lenders into accepting a deal that would result in lower payments.
- They call on DCG to improve the loan terms provided to Genesis and not use the bankruptcy proceedings as a cover for justifications in the recovery plan.
The sentiment of the article is negative towards Digital Currency Group (DCG) and its proposed recovery plan. The lawyers representing Gemini Trust accuse DCG of gaslighting and making misleading assertions, suggesting a lack of trust and dissatisfaction with the plan.
You May Ask
What is the main issue between Gemini Trust and Digital Currency Group (DCG)?What recovery rates are promised to unsecured creditors and Gemini Earn users in DCG's plan?Why do the lawyers representing Gemini Trust criticize DCG's recovery plan?What legal actions have been taken by Gemini Trust and Genesis against DCG and its CEO Barry Silbert?What is the current status of the lawsuit filed by the U.S. Securities and Exchange Commission against Gemini and Genesis?