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.