Gemini’s Lawyers Call Proposed Recovery Rates by DCG a “Total Mirage”!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 15, 2023 23:13

Gemini, a cryptocurrency exchange, has filed a legal complaint against the Digital Currency Group (DCG) over claims of misleading recovery rates. In the filing, Gemini’s lawyers alleged that DCG’s proposed recovery rates are false and have no basis in reality. According to the complaint, Gemini lenders will not receive anything close to the proposed recovery rates under the current agreement in principle. This comes after DCG reached an agreement to buy out $100 million worth of debt owed by the bankrupt cryptocurrency firm BitMEX. This legal complaint highlights the ongoing challenges experienced by the cryptocurrency industry as it struggles to navigate legal and regulatory issues.