cryptocurrency exchange Geminisaid on Sunday it would enter an arbitration period Producea struggling crypto firm owned by Barry Silbert,
What happened: includes mediation process digital currency groupOr the DCG, the Unsecured Creditors Committee and an ad hoc creditor committee headed by Mithun.
The objective of the settlement is to resolve the outstanding payments at the earliest and benefit all the creditors including the Earn users of Gemini.
bankruptcy judge Sean Lane The mediation is expected to be issued on Monday.
According to a blog statement by Gemini, DCG may default on its obligations due to its alleged inability to pay and/or restructure its debt as it faces debt maturities of $630 million.
Gemini expressed its support for the arbitration process, but also expressed disappointment at the pace of progress in Genesis’ restructuring efforts.
Gemini Allows Users To Buy Cryptocurrencies Bitcoin BTC/USD, Ethereum ETH/USDetc.
why it matters: It comes in the form of Gemini, on April 11, Allegedly received a $100 million loan from his co-founders, tyler winklevoss And cameron winklevoss, The loan was given after Gemini failed to secure funding from outside investors.
The Winklevoss brothers founded the exchange in 2015. Tyler Winklevoss currently serves as the company’s CEO, with Cameron serving as its chairman.
Gemini has been affected by a series of events in the past year. In November 2022, the company halted withdrawals for its Earn product in collaboration with Origin, following the collapse of the FTX cryptocurrency exchange. Eventually, the service was completely shut down and the process of refunding the money to the users is still on.
Price Action: At the time of writing, BTC was trading at $28,488, down 2.99% over the past 24-hours. According to Benzinga Pro.