Genesis' Chapter 11 repayment plan receives court approval to distribute $3bn in digital assets and cash to creditors, overruling DCG's legal challenge.
Genesis, a crypto lender, received court approval to distribute $3bn in digital assets and cash to creditors, overruling a legal challenge by its corporate parent, Digital Currency Group (DCG). Judge Sean Lane approved Genesis' Chapter 11 repayment plan, enabling the company to return customer assets that have been frozen since November 2022. Genesis will use a unique structure to return Bitcoin and other tokens to creditors.
May 18, 2024
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