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DCG In Danger For Missing The $630 Million Loan Payment

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Gemini warns that DCG is at the risk of defaulting as it missed out on its loan payment which it is supposed to pay last week.

Previously, Gemini landed $900 million to the presently defunct Genesis.

Genesis was a subdivision of DCG (Digital Currency Group).

At present, the crypto company owned by the Winklevoss twins and other creditors is deliberating whether to offer leniency to DCG just to prevent a default.

READ ALSO: Malaysian SEC Summons Huobi Global for Illegal DAX Operation

DCG at Risk of Defaulting

Earlier on, Gemini had warned that in the case that DCG couldn’t meet up with the expected payment or restructure its debt.

DCG will be at risk of defaulting on its responsibilities.

As Gemini warns of offering the digital assets conglomerate leniency, it stated that “the prerequisite for the forbearance should be according to whether the parties believe that DCG can participate in good faith discussions on a unanimous deal.”

Furthermore, the exchange disclosed that it is thinking about the option of offering a “modified reorganization plan”.

This particular reorganization plan will be independently proposed without involving DCG.

To file this plan, Gemini has to file it in court.

Preparation of Gemini’s Master Claim

The latest update of Gemini disclosed that it has been getting its master claim ready which had to be filed today May 22.

What the Gemini Master Claim is veering for is to return more than $1.1 billion in digital assets which Genesis refused to return.

This amount is worth 232,000 Earn users who had operative loans as of 19th January this year.

As it stands now, it looks like the bankruptcy proceedings of Genesis will take a long time.

READ ALSO: South Korea Prosecutors Gear Up Against Crypto Criminals

Genesis Global is one of the subdivisions of DCG which is in its bankruptcy proceeding at present.

The proceeding was supposed to last for 2 months was rejected by a set of unanimous creditors according to the embattled company.

Meanwhile, the company is still confused as to why the situation turned out like it is now.

They aren’t yet able to understand the reason for the creditors to renege on their former agreement.

However, they believe that the conclusion of the process may take longer than it was supposed to take formerly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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