As expected – and how what we expect here – payment of 630 million dollars Of Digital Currency Group on behalf of the subsidiary the beginning it was not done within the agreed terms. The situation – largely predictable – also affects how much the exchange should return Geminiwhich used the services of the beginning provide its customers with plans Get it.
Geminiin one of his journals update about the matter – which has reached the court and is following the bankruptcy procedures United Statesconfirmed the possibility of further agreement with Digital Currency Groupan agreement that would have the purpose of to allow its users to return the amount paid.
The state of the biggest sufferer of the crypto world, Digital Currency Groupremains very difficult, and May which should be the resolution month of inside or outside to one of the most important groups, in terms of capital managed by intermediaries, in general crypto world.
What’s happening at DCG and what’s new
It was already clear that Digital Currency Group will not repay the loan obtained from the subsidiary the beginning, despite the expiration date being surprising. The recovery of this sum will be for the benefit of the company, the beginning correctlywhich is at risk of bankruptcy and which the executives had, however, expressed confidence hope** for an immediate exit from the crisis that already exists in the first half of 2023.
It seems things are not going that way. Gemini confirmed this payment – that at least part of the repayment will be conditional Get it for exchange customers, it did not happen.
As already leaked in the last week and DCGthe situation would not be resolved short timesince, according to DCGsome creditors (including Gemini) is alleged to support previously signed agreements.
In this long war, even for the media, it is not clear who is right and who is trying to lie. The fact is that there is a shortage of funds and that at the moment there is no clear expectation on the real chance of reaching an agreement.
- Gemini has sent an argument to the court
Gemini confirmed that if there is no agreement with the DCG, creditors will be able to propose a restructuring plan even without the approval of the parent company. Last Friday they also sent the court – due to the lack of payment – a request to extend this period.
- Today Gemini Teacher Claims
That is, a formal request for reinstatement 1 billion dollars owned by customers of Gemini is that the beginning – as is known – he is not back yet.
How much has the status of the Digital Currency Group been affected?
Although key details are missing from the story, which could provide a clearer picture of the coming weeks, the situation appears grim but not compromised.
Digital Currency Group you want to avoid bankruptcy at all costs the beginningfor prestige and trust, and control any effects that may harm the main business.
the beginning in the last week it had also confirmed that it was looking for funding refinancing this debt to its subsidiary. We still don’t know if this search has already yielded results. However, there is little time left before time runs out for everyone.
Because the evolution of this story is important
Why Digital Currency Group controls other key companies in the industry bitcoins and crypto, starting with Graya fund management company and private trusts that invest in a relatively significant way in the sector.
honesty bitcoins he has more than 630,000 and he is the special overseer of a very difficult situation.