Ethereum

Wednesday

Time

<ul>
 <li>Creditors, according to Harrington, need additional time to consider the implications.</li>
 <li>Over $1.65B is owed to Genesis by DCG, and this has caused a snag in the proceedings.</li>
</ul>
The U.S. authorities said in a filing on Wednesday that a revised bankruptcy plan submitted by cryptocurrency lender <a href="https://thenewscrypto.com/gemini-sues-genesis-global/" target="_blank" rel="noopener noreferrer nofollow">Genesis</a> last week marks a substantial change of intentions. Instead of reorganizing, the lender is now trying to sell off its assets.
The filing by U.S. Trustee William Harrington said that the apparent U-turn by Genesis which was done after the crypto lender and its parent firm Digital Currency Group (<a href="https://thenewscrypto.com/dcg-and-genesis-agree-on-preliminary-settlement-for-creditor-claims/" target="_blank" rel="noopener noreferrer nofollow">DCG</a>) faced litigation by the New York Attorney General might add further delays to the wind-up process.
Harrington, a <a href="https://www.justice.gov/" target="_blank" rel="noopener noreferrer nofollow">DOJ</a> official stated:&nbsp;
<blockquote class="wp-block-quote">
 “The prior plan provided for the sale of assets of the debtors and a non-debtor affiliate, a discharge of the debtors, and the reorganization of any unsold assets for the benefit of the claim holders. The liquidating plan provides for the liquidation of all three debtors … the debtors have substantially and materially modified the sale plan.”
</blockquote>
<h3 class="wp-block-heading" id="snag-in-bankruptcy-proceedings">Snag in Bankruptcy Proceedings</h3>
Creditors, according to Harrington, need additional time to consider the implications of the October 24 modifications before casting a vote on whether or not to accept them.
Over $1.65 billion is owed to Genesis by DCG, and this has caused a snag in the bankruptcy proceedings, which began in January. Genesis said in a filing last week that a merger with DCG is “not a viable route” in light of NYAG <a href="https://ag.ny.gov/about/meet-letitia-james" target="_blank" rel="noopener noreferrer nofollow">Letitia James’s</a> allegations of fraud against DCG, Genesis, and its business partner Gemini. Also, all three businesses have refuted James’s claims.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/ethereum-at-a-three-month-high-time-to-buy-eth/" rel="noopener noreferrer nofollow">Ethereum at a Three-Month High. Time to buy ETH?</a>

Genesis Criticized by U.S Authorities Over Asset Liquidation Strategy

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