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Gemini has revealed that the Digital Currency Group (DCG) missed out on a $630 loan payment that was due last week.
Gemini had landed $900 million to now defunct Genesis, a subsidiary of Digital Currency Group. Now the Winklevoss twins-owned crypto company and other creditors are considering whether to provide a forbearance to DCG as a means to avoid a default
Gemini warns DCG is at risk of defaulting.
Gemini had earlier warned that in the event DCG is unable to make the required payment or restructure its debt, the digital assets conglomerate would be at risk of defaulting on its obligations. Warning of providing DCG with forbearance, Gemini said, “consideration will be based in part on whether the parties believe DCG will engage in good faith negotiations on a consensual deal.”
The exchange further revealed that it is also considering the option of presenting an “amended plan of reorganization.” This plan would be proposed independently without the involvement of DCG. Gemini has sought extension from the court to file this plan.
Gemini prepares Gemini Master Claim
In its latest update. Gemini revealed that it has been preparing the Gemini Master Claim, which must be filed on 22nd May. The Gemini Master Claims seeks the return of over $1.1 billion of digital assets that Genesis has refused to return to the 232,000 Earn users who had active loans as of January 19, 2023.
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