Cryptocurrency exchange Gemini said that Grayscale and Genesis’ parent company DCG missed a $630 million debt settlement.
The cold weather between Gemini and the Digital Currency Group (DCG) hasn’t passed for months. The process, which started with the tightening of Gemini’s assets in Genesis, progressed to debt liability and creditor status.
Stating that he has been taking a solution-oriented approach for months, Gemini stated that DCG did not allocate the 630 million dollars that it has a payment obligation.
Gemini Suffers From Genesis
Crypto exchange Gemini said that Genesis and Grayscale’s parent company, Digital Currency Group (DCG), missed the debt settlement.
Gemini works hard to reclaim the Earn assets trapped in the bankrupt Genesis. The company reported that more than approximately $1.1 billion in customer assets remained with Genesis and would be allocated. Transferring the ongoing processes to its users with updates, Gemini stated that DCG missed the payment in its last transfer.
Publishing a statement in the past days, Gemini stated that DCG has not paid its debt of 630 million dollars and that if an agreement is not reached, the processes will proceed independently of DCG.
Trying to reclaim the existence of 230,000 Earn users from Genesis, Gemini stated that if DCG does not fulfill the necessary obligations, it will only proceed with Genesis. In addition, Gemini stated that they will clarify whether they will tolerate DCG depending on whether DCG will enter into good-faith negotiations.
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