Gemini agreed to a 30-day mediation process with the Digital Currency Group and its creditor committees.
The mediation offer, which came in the past days, was accepted by the creditors and the Digital Currency Group. However, Genesis accepted the mediation offer.
Gemini Approves Mediation Offer to Resolve Litigation Process
Crypto exchange Gemini, run by the Winklevoss twins, hopes that the mediation will bring a swift resolution to the negotiations with the Digital Currency Group (DCG) regarding refunds to customers.
Gemini announced that DCG’s bankrupt lending arm, Genesis Global, the Unsecured Creditors Committee (UCC), the Committee of Creditors, and Gemini “have agreed to initiate a 30-day mediation process to reach a final settlement.”
About 340,000 customers of the now-discontinued service Gemini Earn have been waiting in limbo since late last year after DCG’s Genesis Global stopped withdrawals in November. Genesis Global later filed for Chapter 11 bankruptcy with more than $3.5 billion owed to creditors.
As a result of the developments, the parties will hold two public meetings with the mediator before 8 May. Together with the meetings, it is aimed to produce a final result in a 30-day period.
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