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Cameron Winklevoss, the co-founder of Gemini, said on Twitter that the company has entered into an “agreement in principle” with Barry Silbert‘s Genesis Global Capital on Monday.
What Happened: Investors were at risk of losing hundreds of millions of dollars in Genesis’ bankruptcy proceedings, prompting fears of severe financial losses.
Winklevoss a tweet confirmed the establishment of a plan which will provide a path for Earn users to recover their assets. He revealed that Gemini will be contributing up to $100 million to assist Earn users in achieving a full recovery. “This plan is a critical step forward towards a substantial recovery of assets for all Genesis creditors.”
Genesis Global, the crypto lending company filed for bankruptcy protection in New York on Jan. 20. The filings revealed that the company owes more than $3.6 billion to its top creditors.
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Earlier in December, Gemini had made several strong claims against Genesis on behalf of Gemini Earn customers, arguing that Genesis owed customers over $1 billion.
“There is still much work to be done to complete this process, including further due diligence of Genesis financials and judicial approval of this plan, but we are confident that we now have a framework in place to execute on,” Winklevoss added.
Genesis is owned by DCG and was the first to launch OTC Bitcoin BTC/USD trading desk in 2013.
Price Action: BTC was trading at $22,884 down 0.20% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.