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Genesis introduces new restructuring plan by March 2025?
4
Resolution / Starting Odds
Yes • 50%
No • 50%
Press releases or official announcements from Genesis
Story
Genesis Wins Court Approval to Distribute $3 Billion to Creditors, Up to 77% Recovery
May 18, 2024, 12:30 AM
Bankrupt crypto lender Genesis has won court approval to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge brought by its corporate parent Digital Currency Group (DCG). The approved plan allows Genesis to return $3 billion to customers in a bankruptcy wind-down, with creditors potentially recovering up to 77% of their funds. The decision was made by Judge Lane from the Southern District of New York court, who rejected objections from DCG's CEO, Barry Silbert.
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