Cameron Winklevossthe co-founder of Twinssaid on Twitter that the company had reached an “agreement in principle” with him Barry Silbert‘S Genesis Global Capital On Monday.

What happened: Investors risked losing hundreds of millions of dollars in Genesis’ bankruptcy filing, leading to fears of severe financial loss.

A tweet from Winklevoss confirmed the creation of a plan that will provide a path for Earn users to recover their assets. He announced that Gemini will contribute up to $100 million to help Earn users fully recover. “This plan is a critical step forward toward substantial asset recovery for all Genesis creditors.”

Genesis Global, the crypto lending company, filed for bankruptcy protection in New York on Jan. 20. The filings revealed that the company was in debt more than $3.6 billion to its major creditors.

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In early December, Gemini had made several strong claims against Genesis on behalf of Gemini Earn customers, arguing that Genesis owed customers over $1 billion.

“There is still work to be done to complete this process, including further due diligence on Genesis’ financials and court approval of this plan, but we are confident that we now have a framework to implement,” added Winklevoss.

Genesis is owned by DCG and was the first to launch OTC Bitcoin BTC/USD Trading desk in 2013.

price action: BTC traded up 0.20% to $22,884 in the last 24 hours, according to Benzinga Pro.

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