Genesis Targets May 19 For Bankruptcy Exit
The four-month target for Genesis Global to find an acceptable bankruptcy solution seems to be on track.
Gemini's co-founder said his company will sue Silbert and DCG for the incident. We'll use every bankruptcy court option to maximise Earn users' and other parties' recovery.
Genesis Global appears to be on track to meet its four-month goal for finding a workable bankruptcy solution.
Genesis Global, a cryptocurrency lender, hopes to conclude the bankruptcy process within the next four months. The business stated in its bankruptcy statement that it would consider selling or going through an equitization procedure to function under new ownership. Users of Gemini are likewise impacted by the chapter 11 process's resolution. The business claimed it was examining its options in order to provide Genesis clients and Gemini Earn users with the best possible conclusion.
Timeline Objective
Genesis is preparing for a probable bankruptcy departure by May 19, according to Walter Bloomberg on Twitter. The timeframe revelation comes after Gemini co-founder Cameron Winklevoss threatened to sue Barry Silbert and the Digital Currency Group (DCG) in the event that Earn users were not given a reasonable deal. Winklevoss agreed that the Genesis bankruptcy was an important step in recouping the assets of Gemini Earn users, nonetheless.
The co-founder of Gemini stated that his company will attempt to hold Silbert and DCG responsible for the incident. To maximise recovery for Earn users and any other parties under the bankruptcy court's authority, we shall employ every option at our disposal in that court.
In this regard, it is still unclear whether Silbert will take any concrete action with respect to DCG's affiliates, such as the Grayscale Bitcoin Trust, the largest Bitcoin fund in the world. Despite the news of the start of Genesis chapter 11, Bitcoin (BTC) and Ethereum (ETH) maintained at their present prices on Friday. On the other hand, despite growing worries about an economic downturn, the U.S. Dollar Index (DXY) is still at historically low levels.
According to CoinGabbar, the price of BTC as of this writing is $21,320, up 1.27% over the previous 24 hours.
