The next status conference with the Court will be on May 4th. We have also expressed our frustration on the record before Judge Lane on the pace of progress among the parties and the need for urgency.

Gemini is supportive of mediation and looks forward to the start of this process next week and working with the parties to bring this to a conclusion. So while the mediation is scheduled for up to 30 days, the parties are expected to work expeditiously towards agreement in the immediate window. If DCG is unable to pay and/or restructure its debt, DCG risks defaulting on its obligations. This is an important date because on May 9th - 11th, DCG owes the Genesis bankruptcy estate $630 million (money that is due for the benefit of all creditors). The proposed mediation provides for two meetings before May 8th. The mediation will be narrowly focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan. Last week, the UCC presented revised terms to DCG for its contribution to the Genesis creditors based on the UCC's continuing investigation (see Apupdate). By way of background, a Term Sheet reflecting an agreement in principle was filed on February 10, 2023. An order from Bankruptcy Judge Lane directing the mediation is expected to be entered as early as Monday. This week, Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini agreed to start a 30-day mediation process to drive to a final resolution as soon as possible.

Utmost highest