This is likely why Genesis has filed asking for its exclusive right to make reorganization proposals to be extended to August 27. Gemini also plans to file a reorganization plan of its own. This led to a bizarre statement from DCG on May 9 that they were “in discussions with capital providers for growth capital and to refinance its outstanding intercompany obligations with Genesis.” They didn’t have the money to pay themselves. In April, the creditors got sick of DCG messing about and upped their demands.
So in February, the creditors worked out an “agreement in principle” - not, you’ll note, an actual deal - whereby they would get money back from DCG, as the owners of Genesis. Gemini’s customers were not so happy at the prospect of their money being stuck in the Genesis bankruptcy for months or years. Gemini Earn was an investment product where Gemini customers put their money into Genesis to earn unlikely interest rates. Gemini Earn’s retail customers are the largest creditor of Genesis. This failure to pay was noted by Gemini, which has a tremendous interest in getting that money so Gemini Earn investors can be paid back. Note that that’s a payment from themselves to themselves, and they still failed to make it. In the Genesis bankruptcy, Genesis’ parent company Digital Currency Group missed a $630 million payment to Genesis due earlier this month. DCG: When your left pocket can’t pay your right pocket
On the other hand, it’s doing something and not just liquidating what little remains. Read it and discuss this with your fellow creditors.Īs with the original NovaWulf proposal, we think this is a Hail Mary pass that can only work if number goes up. If you’re a Celsius creditor, the plan contains lots of important details. Earn claimants will also get a distribution of the liquid cryptocurrency and any proceeds from litigation. NewCo will endeavor to get a public stock exchange listing for the equity.
#CRACK CANADA CRYPTO EXCHANGE BINANCE JAPAN PRO#
Holders of Earn claims, some holders of Convenience claims, Withhold claims, and Borrow claims will receive equity in NewCo, pro rata.
US Bitcoin will manage Celsius’ bitcoin mining operation. A “ NewCo” will be created to take ownership of Celsius’ remaining DeFi tokens, its loan portfolio, its venture capital investments, its bitcoin mining operation, and $500 million in “liquid cryptocurrency” (not specified, but presumably Celsius’ remaining BTC and ETH). The new deal is an adaptation of the previous NovaWulf proposal. įahrenheit is a consortium that includes VC firm Arrington Capital, miner US Bitcoin, investment firm Proof Group, former Algorand CEO Steven Kokinos, and Seasons Capital CEO Ravi Kaza. Sign up on Amy’s blog to see every new post she makes as it goes up, and click here and enter your email address for every new post on David’s blog as it goes up.įahrenheit has officially won the bid for the bankrupt Celsius Network’s assets - pending approval by the court, which is near-certain, and by regulators, which is less so.David has signed author copies of his books for sale.Our patrons can also get a couple of “Bitcoin: It Can’t Be That Stupid” stickers just by messaging one of us and asking.ONE WEIRD TRICK they don’t want you to know: Send us money! Here’s Amy’s Patreon, and here’s David’s.
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