{"id":8642,"date":"2024-05-18T05:02:17","date_gmt":"2024-05-18T05:02:17","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8642"},"modified":"2024-05-18T05:02:20","modified_gmt":"2024-05-18T05:02:20","slug":"genesis-global-approved-to-return-3-billion-in-bankruptcy-liquidation","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/genesis-global-approved-to-return-3-billion-in-bankruptcy-liquidation\/","title":{"rendered":"Genesis Global Approved to Return $3 Billion in Bankruptcy Liquidation"},"content":{"rendered":"\n

Genesis Global, a cryptocurrency lender, secured court approval on Friday to return approximately $3 billion in cash and cryptocurrency to its customers as part of a bankruptcy liquidation. Consequently, its owner, Digital Currency Group<\/a> (DCG), will not recover any funds from the bankruptcy.<\/p>\n\n\n\n

Court Ruling and Objections<\/h3>\n\n\n\n

U.S. Bankruptcy Judge Sean Lane approved Genesis\u2019 Chapter 11 liquidation plan and overruled an objection from DCG. DCG had argued that Genesis should repay customers and creditors based on the crypto asset values from January 2023, when Genesis filed for bankruptcy. At that time, Bitcoin was valued at $21,084, a stark contrast to its current price of $67,000.<\/p>\n\n\n\n

Disagreement Over Crypto Price Increase Benefits<\/h3>\n\n\n\n

Since Genesis filed for bankruptcy, crypto prices have surged, causing a dispute between DCG and Genesis over who should benefit from the increased prices. Judge Lane dismissed DCG’s objection, stating that even if customer claims were capped at the lower January prices, Genesis would still need to settle claims from many other creditors, including federal and state financial regulators, who had asserted $32 billion in claims. These settlements would leave no assets for DCG.<\/p>\n\n\n\n

“There are nowhere near enough assets to provide any recovery to DCG in these cases,” Lane wrote in his ruling.<\/p>\n\n\n\n

Also Read: Gemini Exchange and Genesis Are Charged by the SEC for Offering Securities<\/a><\/p>\n\n\n\n

Customer Repayments<\/h3>\n\n\n\n

Genesis is repaying customers in cryptocurrency wherever possible, though it lacks sufficient assets to cover all debts. Genesis attorney Sean O’Neal rejected DCG’s claim that customers could be fully compensated based on the lower January 2023 cryptocurrency values.<\/p>\n\n\n\n

“We don’t buy into the idea that claims are capped at the petition date value,” O’Neal stated.<\/p>\n\n\n\n

In February, Genesis estimated it could pay customers up to 77% of their claim values, contingent on future cryptocurrency price fluctuations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genesis Global, a cryptocurrency lender, secured court approval on Friday to return approximately $3 billion in cash and cryptocurrency to its customers as part of a bankruptcy liquidation. Consequently, its owner, Digital Currency Group (DCG), will not recover any funds from the bankruptcy. 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