Gemini, the crypto company founded by the Winklevoss twins, has set a final deadline of Thursday afternoon for Digital Currency Group (DCG) to agree on a deal to restructure its bankrupt crypto lending unit Genesis. Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November.
Its largest creditor is Gemini, which is seeking to recoup more than $1.1 billion. The Winklevoss twins have shared their "best and final offer" with DCG, which includes a $275 million forbearance payment, a $355 million debt tranche due in two years, and a $835 million debt tranche due in five years.
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