Crypto exchange Gemini has criticized a bankruptcy recovery plan related to Genesis, Gemini’s partner on a lending program that’s been frozen for months, saying the potential deal is “misleading at best,” according to a Friday court filing.
Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. (Genesis, like CoinDesk, is owned by DCG.)
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