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Bankrupt crypto lender Genesis gets OK to return billions in tokens and cash to creditors, meaning parent firm DCG is out of the money

Bankrupt crypto lender Genesis gets OK to return billions in tokens and cash to creditors, meaning parent firm DCG is out of the money
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Crypto lender Genesis to return $4 billion to customers in bankruptcy wind-down

NEW YORK - Crypto lender Genesis Global received court approval on Friday (May 17) to return about $3 billion (S$4 billion) in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, with no recovery from the bankruptcy. US Bankruptcy Judge Sean Lane approved Genesis' Chapter 11 liquidation plan and overruled an objection raised.

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Bankrupt Genesis Global Receives Court Approval for $3,000,000,000 Payout to Customers

Bankrupt Genesis Global Receives Court Approval for $3,000,000,000 Payout to Customers
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Failed Crypto Firm Genesis Approved to Repay Creditors Billions

Bankrupt crypto lender Genesis Global Capital won court approval of its plan to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge brought by its corporate parent Digital Currency Group.

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Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down

Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, with no recovery from the bankruptcy. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Crypto prices have risen sharply since Genesis filed for bankruptcy, and DCG and Genesis disagreed over who should benefit from the rise in prices.

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