Thread by @GBallarani

1/10 🧵🔮 #CryptoNews: Gemini's latest update states that Digital Currency Group (#DCG) missed a $630M payment due to Genesis last week 💔

🤔 As complex as it sounds, let's break it down in #crypto language

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$GEMINI $DCG $GENESIS

2/10 Gemini is now working alongside #Genesis, #DCG, and their creditors to provide some leeway to DCG to prevent a default. This could be a game-changing move in the crypto lending space. 🎲

3/10 Both Genesis and #CoinDesk are owned by DCG. This is significant because it means there's a lot of interconnection within the crypto industry, and one misstep can cause a domino effect. 🌐

4/10 CEO of Gemini, @cameron Cameron Winklevoss, has expressed intention to sue DCG's CEO, @BarrySilbert , over a $900M loan repayment. This follows Genesis (a DCG entity) filing for Chapter 11 #bankruptcy, stirring the pot with allegations of mismanaged funds. 🏦

5/10 Furthermore, the #SEC has accused both Gemini and DCG of selling unregistered securities through their Earn program. If proven, this could have huge implications for both companies and the wider crypto space. 🚨

6/10 Should talks fall through, Gemini and other interested parties are considering a reorg plan that doesn't need DCG's approval. This shows Gemini's determination to keep things moving forward, regardless of DCG's cooperation. 💪

7/10 Cameron Winklevoss has publicly called out Silbert, accusing him of employing "bad faith stall tactics." This underscores the seriousness of the situation, especially given the large amounts of money involved. 💰

8/10 On the flip side, Gemini is looking to recoup over $1.1B in digital assets from Genesis, aiming to protect the interests of its over 200k Earn users. This demonstrates Gemini's commitment to its users amidst this crisis. 🛡️

9/10 Genesis' lawyers have requested more time from the Bankruptcy Court of the Southern District of NY to file a Chapter 11 plan. If approved, they'd have till Aug 27 to file, with Gemini having till Oct 26 to accept. ⏳

10/10 Genesis reportedly owes $3.5B+ to its top 50 creditors, including Gemini. This suggests the sheer scale of the problem and why it's vital for a solution to be found soon. We'll continue monitoring this space closely. Stay tuned! 🕵️‍♂️ #CryptoTwitter #GeminiDCGSaga