Gemini: DCG has not paid off approximately $630 million in debt due on May 11th.

According to BlockBeats news on May 22nd, Gemini announced that as of May 19th, Digital Currency Group (DCG) had not paid the approximately $630 million debt due on May 11th. Gemini stated that they are working with Genesis, DCG, and creditors to provide a grace period for DCG to avoid default, and considering negotiating in good faith on a mutually agreed transaction. If an agreement cannot be reached, Gemini (along with other parties) is working with Genesis to propose terms for a revised restructuring plan that can be advanced without DCG's participation. To this end, Genesis submitted a motion to the bankruptcy court on May 19th seeking to extend its exclusive period to propose the plan. This would be a plan that Gemini supports (if not directly), while Gemini is preparing to file a claim requesting Genesis to return over $1.1 billion in digital assets to its 232,000 Earn users.