Genesis 1 bankruptcy news reportLog on to password lender Genesis Global and expect to reach a solution in accordance with the bankruptcy process within the next four months. In the bankruptcy announcement, the company said it was working on the possibility of selling or securitisation of assets throughout the process to facilitate operations under new use rights. The solutions generated in Chapter 11 also affect Gemini users. The company says it has measured a variety of selections and achieved excellent conclusions for Genesis users and Gemini users.

Overall goal of the timetable

Genesis plans to withdraw from the bankruptcy process by May 19, according to Walter Bloomberg News on Twitter. Cameron Winklevoss, the founder of Gemini, said he would sue Meher Silbert and Digital currency Group (DCG) if he could not give a fair deal to get users. However, Winklevoss acknowledges that Genesis's bankruptcy is a key step in getting back Gemini's user assets.

The Gemini founder made it clear that his company would try to make Silbert and DCG responsible for such things.

We will use all the special tools available at the bankruptcy trial site to maximize the recovery of accounts for profitable users and any other parties within the jurisdiction of the bankruptcy court.

Under such circumstances, it is unclear whether Silbert will take any practical measures against DCG subsidiaries, such as the grayscale BTC Trust, the world's largest bitcoin fund. In addition, despite the Genesis Chapter 11 launch message, BTC (BTC) and ETH remained at current levels on Friday. On the other hand, the US stock index (DXY) remains low because of growing anxiety about the economic slowdown.

As of this writing, Bitcoin was trading at $21090, up 1.67% in the past 24 hours, according to CoinGape Price tracking.