Gemini, a cryptocurrency exchange, has been dealt a severe blow as Digital Currency Group (DCG), the parent company of Genesis Global Capital, defaults on a payment of $630 million. This has caused tension between Gemini and DCG, with allegations of unregistered securities sales and mixed funds leading to the U.S. Securities and Exchange Commission (SEC) calling both firms to account. Despite ongoing negotiations, Gemini is considering an alternative route to resolve the issue and is preparing a claim to recoup over $1.1 billion in digital assets from Genesis on behalf of its users. This situation highlights the need for increased regulatory oversight in the cryptocurrency industry.