As part of the Genesis bankruptcy proceedings, DCG proposed a new creditor agreement in the Genesis bankruptcy case that would provide unsecured creditors with a baseline recovery rate of 70-90%. The agreement could allow Gemini Earn users to reclaim all cryptocurrencies held on the platform.
The agreement, which is awaiting creditor approval, seeks to renegotiate a $630 million loan between Genesis and DCG. Gemini Earn users holding approximately $607 million worth of collateral have the potential to receive compensation for up to 110% of their total claims (95-110%), according to the company.