Due to the shortage of quick assets-Genesis Global- at this stage, the login password borrowing units of Digital currency Group Corporation (DCG) have been conducting private discussions with various creditors. According to a recent report, the company has warned that it may need to file for bankruptcy if it fails to raise large amounts of assets.

Genesis 1 lays the foundation for bankruptcy

There are reports that creditors such as the Winklevoss twins will want to allow an one-to three-year reduction under a pre-packaged bankruptcy plan. This tolerance time limit will apply to the vast majority of payments. In addition, creditors will receive cash settlement as well as equity in the head office of Genesis, a digital currency conglomerate led by Barry Barry Silbert.

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Gemini founder Cameron Winklevoss and Barry Silbert quarreled on Twitter, one of which reprimanded Silbert for confusing the accountant who logged into the password company and being ungrateful in the negotiations. In a recent open letter, she also called for the downfall of DCGCEO because she could not keep her promise to return $900 million worth of customer assets.

Genesis is facing an increasingly anxious situation.

On January 17th, DCG sent a letter to the company's shareholders, further confirming Genesis's weak performance, in which the company announced that it would stop paying first-quarter dividends in an attempt to store assets. Creditors, Genesis and DCG have compared several different approaches, but have so far failed to reach a consensus. Kirkland&Ellis and Proskauer Rose have been advising several creditor teams.

After the bankruptcy of financial derivatives Three Arrow Capital, Barry Silbert's DCG gradually encountered great pressure on accounting work. Last November, shortly after FTX, the cryptocurrency exchange, filed for bankruptcy, Genesis terminated cash withdrawals. FTX is part of the cash deposit area of Genesis. Gemini Trust, a login password trading center run by Cameron and Tychen Winklevos, has had the impact of this trend, as new Gemini Income projects have had to terminate the processing of redemption applications. The new Gemini Income project allows users of the site to use Genesis to lend money to earn interest on loans.

Genesis Global, which is laying the groundwork for bankruptcy filings, is likely to start this week.