DCG accused of gaslighting Genesis creditors by Gemini Advocates
Advocates representing Gemini Trust have opposed the proposed plan by Digital Currency Group (DCG) for Genesis Global's creditors. Filed on September 15 in the US Bankruptcy Court for the Southern District of New York, the legal team accused DCG of misleading Genesis creditors through misleading recovery planning and false claims. The plan filed in the bankruptcy court on September 13 claimed that unsecured lenders could recover 70–90% of their funds in digital currency, while
Gemini Earn users might recover around 95–110%. Gemini's legal team also alleged that DCG was attempting to induce Gemini lenders to accept a deal that would allow the company to pay less. They urged Genesis to improve the terms provided in the loans and advised against using Genesis' bankruptcy processing in the recovery plans. More
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