Cameron Winklevoss, the co-founder of Gemini, announced that the company reached an “agreement in principle” with Genesis late on February 6.
Gemini has made several strong claims against Genesis on behalf of Gemini Earn clients, arguing that Genesis owed clients more than $1 billion.
It was feared that investors were at risk of losing $485 million through the Genesis bankruptcy proceedings. However, Cameron confirmed that a “plan providing a path for Earn users to recover their assets” had been agreed in court.
Winklevoss also revealed that Gemini would contribute $100 million as part of the plan.
“This plan is a critical step toward a substantial recovery of the assets of all Genesis creditors.
Gemini will contribute up to $100 million more to Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.”
The Gemini co-founder stated that while “there is still a lot of work to be done,” he is confident that the issue is moving in the right direction.
“We are confident that we now have a framework to execute on.”
No information has yet been disclosed on whether Earn customers will be funded 1:1 or at a discount rate. However, Reuters confirmed that “Digital Currency Group… has reached an agreement in principle on a restructuring plan with a group of creditors,” citing DCG subsidiary CoinDesk. Cameron’s announcement therefore aligns with the news published by DCG.
Future updates on the status of Gemini Earn fund recovery can be found on the Gemini website.
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