Genesis Bankruptcy News: Crypto lender Genesis Global is eyeing to achieve a resolution from the bankruptcy process in the next four months. In its bankruptcy announcement, the company said it was looking at potentially selling or equitization process to operate under new ownership. The solution coming out of the chapter 11 process also impacts the Gemini users. The company said it was weighing options to achieve an optimal outcome for Genesis clients and Gemini Earn users.
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Timeline Target
According to Walter Bloomberg on Twitter, Genesis is planning for a potential bankruptcy exit by May 19. The timeline announcement comes in context of Gemini cofounder Cameron Winklevoss threatening to file a lawsuit against Barry Silbert and Digital Currency Group (DCG) if a fair deal is not offered to Earn users. However, Winklevoss acknowledged that the Genesis bankruptcy was a crucial step towards recover Earn user assets.
The Gemini cofounder said his company will work towards making Silbert and DCG accountable for the situation.
“We will use every tool available to us in the bankruptcy court to maximize recovery for Earn users and any other parties within the bankruptcy court’s jurisdiction.”
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