Gemini Warns Barry Silbert's Digital Currency Group of $630M Default Risk

DCG “risks defaulting on its obligations” if it's unable to pay the $630 million debt made to bankrupt Genesis, said Gemini.

Mediation is underway to resolve the outstanding issues between DCG, Genesis, and Gemini.

Per an update, Gemini, Genesis, and its parent company Digital Currency Group (DCG), as well as creditor committees agreed in transactions that are compliant with requirements such as the Financial Action Task Force's (FATF) "travel rule."

Mastercard Crypto Credential, a set of common standards for attestation of interactions, uses technology from CipherTrace, the wellknown blockchain analytics platform Mastercard agreed to acquire in late 2021.

“If two people want to transfer value from one country to another country, the level of compliance and verification needed is complex,” Dhamodharan said. “So how do you identify those wallets. And how do you exchange enough information about the other party?"

The company further indicated that an order from Bankruptcy Judge Lane to direct the mediation is anticipated to be issued as early as today.

Gemini Earn is Gemini’s now-discontinued high-yield investment service that had Genesis to initiate “a 30-day mediation process to drive to a final resolution as soon as possible.” as a primary lending partner before the latter halted withdrawals in November 2022.

“The mediation will be narrowly focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan,” read Friday's memo.

For Earn users, Gemini said, two important dates to keep in mind are May 8, before which two mediation meetings are planned to take place.

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