Cryptocurrency exchange Gemini said in a blog post it had agreed to start a "30-day mediation process" to drive to a final resolution with Digital Currency Group (DCG), whose lending arm Genesis Capital owes users of Gemini Earn around $900 million worth of crypto.
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According to the post, an order from Bankruptcy Judge Lane directing the mediation has been entered on Monday, May 1. Gemini says the mediation will be "narrowly focused on DCG's economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan."
"We have also expressed our frustration on the record before Judge Lane on the pace of progress among the parties and the need for urgency," the exchange added.
While the details of the mediation were not disclosed, the next status conference with the Court is scheduled on May 4, 2023.
Earlier in April, DCG said some of Genesis Capital's creditors declined to stick to the previous restructuring agreement for the lender. As per a report from Reuters, some creditors had raised new demands, without elaborating further. DCG said it plans to "weigh any new demands against the concessions we have previously made."
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