Genesis Creditors to Recover Funds
May 18, 2024
The bankrupt crypto lender Genesis’s reorganization plan has been approved by the court, allowing the return of several billion dollars in digital assets and cash to creditors. Judge Lane dismissed the legal objection from the parent company DCG, stating that creditors have priority in repayments. According to Genesis’s proposal, affected parties could recover up to 77% of their crypto assets in Bitcoin and other cryptocurrencies.
