Digital Currency Group Misses $630M Payment to Gemini Exchange

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Cryptocurrency exchange Gemini reported that Digital Currency Group DCG, the parent company of Genesis, missed a $630 million payment owed to the exchange last week.

Gemini and Genesis continue their dispute overGemini Earn programs. Genesis' decision to close customer withdrawals in November 2022 drew criticism from Cameron and Tyler Winklevoss. In response, they threatened to sue DCG and its founder Barry Silbert.

Gemini demanded Genesis come up with a planrepayment of a $900 million loan that the exchange provided to the now bankrupt Genesis Global. The clash between the two sides continues to intensify. In its latest statement, Gemini reports DCG's "bad faith."

If a solution is not reached,The exchange is considering proposing a “modified reorganization plan.” This may occur without DCG's consent or involvement. Gemini is also preparing to file a lawsuit to recover more than $1.1 billion in Genesis digital assets for more than 200,000 Earn users.

It was previously reported that DCG was selling at a significant discount some of the most liquid assets managed by Grayscale in order to meet its obligations.