A creditor committee that includes crypto exchange Gemini has presented a plan to Genesis and Digital Currency Group (DCG) to lprovide a path for the recovery of assetsr, Gemini co-founder Cameron Winklevoss said in a tweet. The committee expects a response this week.

In February 2021, at the height of the bull market, Gemini partnered with Genesis to create Gemini Earn, which offered clients up to 7.4% interest on their crypto deposits. In mid-November, Genesis suspended withdrawals given the FTX-induced market turmoil, freezing Gemini Earn funds in the process.

lThis decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion," Amanda Cowie, vice president of communications and marketing at DCG, said at the time. "This decision impacts the lending business at Genesis and does not affect Genesisrs trading or custody businesses. Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries."

DCG is also the parent company of CoinDesk.

Earlier reports pegged the value of the total amount owed to Gemini at $900 million, from a total of $1.8 billion owed to the creditorsr group.

"Genesis is working with advisors to evaluate options to preserve client assets, strengthen our liquidity, and move the business forward for the long-term. As we continue to work to identify a holistic solution, our priority remains working toward the best outcome for Genesisrs clients and other stakeholders. This is a comprehensive process that we anticipate will take additional weeks rather than days for us to arrive at a path forward,r a Genesis spokesperson said in a statement.

Investment bank Houlihan Lokey has been retained as a financial adviser on behalf of the Creditor Committee, with law firms Kirkland a Ellis and Proskauer Rose acting as counsel for the creditors.

UPDATE (Dec. 22, 07:00 UTC): Adds statement from Genesis, updates the last paragraph to include Kirkland a Ellis as counsel for creditors.

UPDATE (Dec. 21, 11:20 UTC): Adds expected response timing in first paragraph.