In the wake of the FTX collapse, Genesis creditors made redemption requests that could not be met immediately due to the market turmoil and the longer timeline of the DCG liability repayments to Genesis. (DCG) - the parent company of Genesis - owes Genesis ~$1.675 billion dollars: $1.1b in the form of a promissory note due in June 2032 and ~$575m in the form of an intercompany loan due in May 2023. More specifically, we understand that Digital Currency Group, Inc. Our understanding is that Genesis paused withdrawals due to a liquidity issue resulting from a liquidity duration mismatch between Genesis’ assets and its liabilities. We will continue to update this page on how to participate in the recovery, key dates, information, and milestones as they unfold. Thank you for putting your trust in us during this challenging time. There is still much work to be done to complete this process, including further due diligence of Genesis financials and judicial approval of this plan, but we are confident that we now have a framework in place to execute on. It has allowed us to maximize our efforts on your behalf. We greatly appreciate your support and patience during this time. We have been working around the clock since Novemto reach this milestone. In addition, Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.

This plan is a critical step forward towards a substantial recovery of assets for all Genesis creditors. This agreement was announced in Bankruptcy Court today. (DCG), and other creditors on a plan that provides a path for Earn users to recover their assets. Today, Gemini reached an agreement in principle with Genesis Global Capital, LLC (Genesis), Digital Currency Group, Inc.

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