Gemini criticizes DCG and Genesis's bankruptcy recovery plan, calling it "misleading."

ChainCatcher news, according to CoinDesk, reported that in a document submitted to the court on Friday, the cryptocurrency exchange Gemini criticized the bankruptcy recovery plan related to Genesis, stating that the potential deal is "at best misleading."

Earlier this week, Genesis and its parent company DCG stated that under a proposed agreement that will be voted on later this year, over 230,000 retail creditors using Genesis Earn would recover all crypto assets planned. However, Gemini stated on Friday that users of Gemini Earn would not be able to recover "close to (actual) value" of their funds. Gemini's lawyers stated in the document, "The recovery rate being peddled by DCG is nothing but a mirage. To put it mildly, it is misleading; to put it harshly, it is deceptive."

It is reported that DCG owes Genesis over $1.65 billion, while Genesis owes Gemini about $1.2 billion. Genesis owes a total of over $3 billion to its top 50 creditors.