DCG Pushes Genesis Plan, Says Gemini Users Could Be Made Whole

Barry Silbert’s Digital Currency Group is urging creditors of its bankrupt crypto lending subsidiary, Genesis Global Holdco LLC, to back a proposed repayment plan it said could fully repay hundreds of thousands of customers who invested money through Gemini Trust Co.’s Earn program.

DCG said in a Wednesday court filing that Gemini Earn users could get 100 cents on the dollar under Genesis’ proposed restructuring plan, or potentially even higher returns, and would be partially repaid through Bitcoin and Ether. Other Genesis unsecured creditors could recover between 70% or 90% under the plan, far higher than customers of other bankrupt crypto platforms like Voyager Digital and BlockFi Inc. are projected to get under court-approved liquidation plans, DCG said.