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    <p>Collapsed crypto hedge fund Three Arrows Capital (<a rel="noopener noreferrer nofollow" title="3AC" href="https://thebittimes.com/tag/3ac.html">3AC</a>) and crypto lender <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> have settled a $1 billion <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a> for $33 million, according to a filing from November 9.</p>
    <p><a rel="noopener noreferrer nofollow" title="3AC" href="https://thebittimes.com/tag/3ac.html">3AC</a> was one of <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>’ largest borrowers when it collapsed last year, according to the lender, which filed for chapter 11 bankruptcy in January. Following “extensive negotiations,” both parties have agreed to an agreement that’s “fair and equitable” according to <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>’ letter to the court, in which it has asked for the deal to be approved.</p>
    <p>Genesis concluded that the settlement is “in the best interests” of debtors’ estates and its creditors — debtors referring to Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific — after they “considered the risks” of 3AC’s litigation.</p>
    <p>The deal will “significantly smooth the path to confirmation of Genesis debtors’ chapter 11 plans,” Genesis emphasized in its letter, and “eliminate the risks, expenses, and uncertainty” of dragging out the lawsuit.</p>
    <p>The deal would also “mutually release each other from liability,” according to the filing.</p>
    <h2 class="wp-block-heading" id="h-genesis-reaches-settlement-with-3ac-amid-dcg-gemini-drama">Genesis reaches settlement with 3AC amid DCG Gemini drama</h2>
    <p>In a fraud lawsuit against Genesis’ parent firm Digital Currency Group (DCG) and DCG’s founder Barry Silbert, crypto exchange Gemini claimed that Genesis’ huge loans to irresponsible counterparties like 3AC were partly issued because those counterparties benefited the Grayscale Bitcoin Trust (GBTC). However, these irresponsible loans directly resulted in Genesis’ bankruptcy.</p>
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       DCG fraudulently covered up 3AC-induced insolvency: Gemini lawsuit
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    <p><em>Read more: More Genesis creditors say crypto lender duped them</em></p>
    <p>DCG apparently borrowed hundreds of millions from <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> at 10-12% interest rate. At the start of January, DCG also owed its subsidiary $447.5 million and $78 million in bitcoin. In May 2023, DCG missed a $600 million payment to <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>.</p>
    <p>Genesis and Gemini are separately being sued by the Securities and Exchange Commission (SEC) for selling unregistered securities.</p>
    <p>A court hearing is scheduled for November 30 to determine whether the Genesis 3AC settlement will go through.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-settles-with-3ac-to-pay-96-7-less-than-the-1b-it-claimed-tbt70133.html">https://thebittimes.com/genesis-settles-with-3ac-to-pay-96-7-less-than-the-1b-it-claimed-tbt70133.html</a></p>

Genesis settles with 3AC to pay 96.7% less than the $1B it claimed

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