Cryptocurrency exchange Gemini maintains its criticism of Digital Currency Group’s (DCG) bankruptcy plan, asserting that it is attempting to entice its creditors into an unfavorable deal.
“DCG continues its campaign of contrived, misleading, and inaccurate assertions in an attempt to gaslight creditors of the Genesis estate generally,” the filing states.
Gemini Firmly Opposes DCG’s Creditors Approach
In a recent court filing, Gemini alleges that DCG’s bankruptcy plan aims to entice its creditors into an unfavorable agreement.
“The DCG Statement must be seen for what it is: DCG’s attempt to bait the Gemini Lenders into accepting a deal that would allow DCG to pay far less than it owes.”
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Gemini vows to continue opposing DCG’s bankruptcy plan to ensure its lenders receive the highest possible recovery for their lost assets.
“Gemini will continue fighting against DCG’s “starve them out” approach to ensure that DCG pays a just and adequate amount. The Gemini Lenders deserve more value from DCG, and there is more to get,” the filing states.
Strong Criticism of DCG In Recent Times
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The crypto exchange asserts that DCG persists in denying its “central role” in the Genesis collapse. It further argues that DCG refuses to accept any responsibility at all.
Gemini has been vocal about its disapproval of DCG’s bankruptcy plan in recent times.
On August 31, Gemini argued that the bankruptcy plan was not clear and lacked crucial information for its creditors.
This came after the debtors tentatively agreed on the plan with the creditors. Gemini objected because the agreement lacked essential details about how creditors would be paid.
On July 7, Gemini initiated legal action against DCG and its founder, Barry Silbert. In the lawsuit, Gemini’s CEO, Cameron Winklevoss, alleged that Silbert engaged in deceptive conduct towards the exchange.
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Winklevoss detailed that when Gemini opted to discontinue its Earn program in October 2022, Silbert approached Gemini, attempting to persuade them to keep the program running, even though he was aware of Genesis’ significant insolvency.
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