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Genesis wins court approval to return $3 billion to creditors
Given the massive debt and numerous creditor claims, there is no likelihood of any assets remaining for equity holders like DCG.
Bankrupt crypto lending firm Genesis Global Holdco received court approval on Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of bankruptcy liquidation proceedings. The decision was made by U.S. Bankruptcy Judge Sean Lane.
Additionally, Judge Sean Lane rejected Digital Currency Group’s (DCG) attempt to challenge the debtor’s plan for distribution of assets in the bankruptcy case.
DCG has disputed the distribution plan because it believes the repayment should be limited to the value of crypto assets as of January 2023, when Genesis files for bankruptcy. Since then, the value of cryptocurrencies like Bitcoin has surged, with the price of Bitcoin jumping from about $21,000 to nearly $67,000.
Bankrupt crypto lending firm Genesis Global Holdco received court approval on Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of bankruptcy liquidation proceedings. The decision was made by U.S. Bankruptcy Judge Sean Lane.
Additionally, Judge Sean Lane rejected Digital Currency Group’s (DCG) attempt to challenge the debtor’s plan for distribution of assets in the bankruptcy case.
DCG has disputed the distribution plan because it believes the repayment should be limited to the value of crypto assets as of January 2023, when Genesis files for bankruptcy. Since then, the value of cryptocurrencies like Bitcoin has surged, with the price of Bitcoin jumping from about $21,000 to nearly $67,000.
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