Genesis Gets Court Approval For $3 Billion Repayment Plan
Bankrupt crypto lender Genesis Global Capital has secured court approval to commence its $3 billion repayment plan to its creditors. The decision comes with revelations that Genesis’s parent company Digital Currency Group (DCG) will be recovering no value from the bankruptcy payout plan. Related Reading: Genesis Faces $21 Million Penalty As SEC Charges Are Settled= […]
Related News
In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors. Genesis Resolves Dispute With 3AC The […]
Mt. Gox trustee Nobuaki Kobayashi has finally submitted a draft rehabilitation plan to a Japanese court — meaning former users of the long-defunct crypto exchange may now look forward to getting paid someday. Kobayashi, the Japanese bankruptcy lawyer appointed to oversee the repayment of investors, submitted the plan to the Tokyo District Court on Dec. 15. In a statement posted on the Mt. Gox website, Kobayashi said: The Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings relevant to the....
An FTX trust has initiated legal action against Genesis Digital Assets, seeking to recover $1.15 billion that it alleges was fraudulently transferred by Sam Bankman-Fried (SBF), the co-founder of the now-defunct cryptocurrency exchange. The lawsuit, filed in the US Bankruptcy Court for the District of Delaware, targets Genesis Digital, its affiliates, and co-founders Rashit Makhat […]
Genesis Global Capital, the cryptocurrency lending unit that filed for Chapter 11 bankruptcy protection earlier this year, has taken legal action against its parent company, Digital Currency Group (DCG). The lawsuit comes as both parties grapple with the repayment of more than $610 million in loans that reached maturity back in May. According to Genesis […]
The proposed plan to revive bankrupt Japan-based bitcoin exchange Mt. Gox has received a key preliminary nod of approval. The news comes roughly one week after an initial hearing delayed any decision at the request of lawyers representing Tibanne KK and Mt. Gox CEO Mark Karpeles. Jay Edelson, a US lawyer representing the country's domestic exchange users, indicated that the plan was approved in a Northern District of Illinois court, and that this move clears the way for it to be more formally vetted in Japan. Edelson told CoinDesk: "The court granted our motion for preliminary approval of....