Digital Currency Group misses $630m Gemini payment

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Updated May 26, 2023 | Published May 26, 2023

2 mins read

Gemini is considering legal action against DCG’s chief executive for late loan repayments.

Venture capital firm Digital Currency Group (DCG) has missed a $630m loan payment owed to American cryptocurrency exchange Gemini, according to multiple media reports.

On Friday, May 12, the exchange – founded by brothers Cameron and Tyler Winklevoss – published a company statement announcing the absent payment, which was due to a few weeks ago.

The missed payment is in relation to a loan Gemini made to the now insolvent crypto lender Genesis, a subsidiary of DCG.

Earlier this month, Gemini warned DCG chief executive Barry Silbert of the risks associated with defaulting on his obligations if he is unable to pay the outstanding debt.

Gemini’s recent statement confirmed that the venture capital firm had “missed these loan payment dates and that DCG may [now] be subject to default as a result.”

The update noted Gemini’s plans — alongside Genesis, the Unsecured Creditors Committee, and the Ad Hoc Group of Creditors — to consider providing a “forbearance” to DCG to “avoid a DCG default” on the basis the venture capital firm will “engage in good faith negotiations on a consensual deal”.

However, if an agreement cannot be made, Gemini will work with Genesis to initiate an amended plan for reorganization without DCG's “consensual participation”, the crypto exchange said.

Additionally, Gemini announced its preparation of its Gemini Master Claim, a plan to recoup over $1.1bn in digital assets that Genesis refused to return to the 232,000 users of the Gemini Earn Program.

The program acted as a high-yield investment service with Genesis as its primary lending partner before it suspended its withdrawals preceding the company's bankruptcy.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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