Gemini: DCG has not paid the approximately $630 million debt due on May 11

ChainCatcher news, Gemini announced that as of May 19, the Digital Currency Group (DCG) has not paid approximately $630 million due on May 11. Gemini stated that it is working with Genesis, DCG, and creditors to provide DCG with a grace period to avoid default and is considering good faith negotiations for a mutually agreed transaction. If an agreement cannot be reached, Gemini (along with other parties) is working with Genesis to propose terms for a revised restructuring plan that can proceed without DCG's consent to participate.

To this end, Genesis filed a motion with the bankruptcy court on May 19 seeking to extend its exclusivity period for proposing the plan. This will be a plan that has Gemini's input (if not direct support). Meanwhile, Gemini is preparing to file a claim requiring Genesis to return over $1.1 billion in digital assets for its 232,000 Earn users. (source link)