Gemini rejects Genesis, FTX proposed settlement, describes it as ‘sweetheart pre-plan deal’

Crypto exchange Gemini rejected the proposed settlement deal between bankrupt crypto platform FTX and Genesis, according to an Aug. 31 court filing.

Gemini posited that the proposed settlement between the failed firms is an attempt to manipulate the voting process for the bankruptcy plan, further describing it as a “sweetheart pre-plan deal” designed to benefit only Digital Currency Group (DCG), the parent company of Genesis, at the expense of other creditors.