Gemini forms ad hoc committee with creditors amid Earn freeze

Gemini formed an ad hoc committee with other creditors to coordinate and advocate for a resolution to the crypto exchange’s struggling Earn product — which paused customer redemptions on Nov. 16.

The update comes from Gemini’s co-founder Cameron Winklevoss, who tweeted that law firm Kirkland & Ellis “has been engaged as counsel by the Creditor Committee to advocate on its behalf.”

Winklevoss also claimed that returning user funds “is our highest priority and we are operating with the utmost urgency.”

The tweets follow news from earlier this month that crypto brokerage Genesis and its parent company, Digital Currency Group, owe $900 million to Gemini customers, according to the Financial Times. Gemini is reportedly attempting to recover the funds.

According to a CoinDesk report on Sunday, Genesis owes its creditors at least $1.8 billion.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: https://www.theblock.co/post/192401/gemini-committee-creditors-earn?utm_source=rss&utm_medium=rss