Creditor committee, including crypto exchange gemini, presented a plan to resolve the liquidity issues currently plaguing genesis and its parent company digital currency group (dcg). the committee was led by houlihan lokey, a new york-based investment firm that specializes in creditor advisory. users of gemini earn had been unable to access their funds since november 16 due to third-party contagion involving genesis.
the plan was presented on behalf of the creditor committee to resolve the liquidity issues at genesis and dcg. this situation has had serious knock-on effects for other companies in the industry, such as grayscale capital, which trades at a discount of 47.54%. bitvavo has also alleged that it has €280 million ($297 million) “stuck” with dcg.
the financial stress facing dcg and other companies in the industry was caused by ftx’s collapse and “abnormal withdrawal requests”, which led to genesis shutting down withdrawals. this resulted in the company and its parent dcg reportedly owing users of gemini earn $900 million. the plan presented by the creditor committee is intended to provide a path for the recovery of assets.
Creditor Committee Presents Plan to Resolve $900 Million Crisis at Genesis and DCG
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