Read

Genesis agrees to a $33 million settlement with Three Arrows Capital, significantly less than the original $1 billion claim, amid ongoing crypto turmoil. 
Bankrupt crypto lender Genesis has consented to a settlement with the now-defunct crypto hedge fund Three Arrows Capital (3AC), culminating in a $33 million payment against a staggering $1 billion claim. 
This development, revealed through <a href="/Users/hillb/Downloads/9b4aece5-d525-4bcc-88c2-751cf7ee4565.pdf" data-type="link" data-id="file:///C:/Users/hillb/Downloads/9b4aece5-d525-4bcc-88c2-751cf7ee4565.pdf">court documents</a>, underscores the volatility and the inherent risks in the crypto market. The settlement, a product of “extensive negotiations,” is still pending approval from a New York bankruptcy court. 
The <a href="https://crypto.news/3ac-files-for-bankruptcy-fundraising-rounds-with-altlayer-and-soba-huobi-ventures-invests-in-land-of-conquest/" data-type="link" data-id="https://crypto.news/3ac-files-for-bankruptcy-fundraising-rounds-with-altlayer-and-soba-huobi-ventures-invests-in-land-of-conquest/">downfall of 3AC</a> in June 2022 heralded a prolonged period of instability in the crypto sector, aptly termed a crypto winter. The claims against Genesis, which succumbed to <a href="https://crypto.news/genesis-global-files-for-bankruptcy/" data-type="link" data-id="https://crypto.news/genesis-global-files-for-bankruptcy/">bankruptcy</a> in January, pertain to transactions preceding its financial collapse. 
 You might also like: <a href="https://crypto.news/genesis-ordered-to-comply-with-subpoena-in-terrausd-collapse-case/"> Genesis ordered to comply with subpoena in TerraUSD collapse case </a> 
Notably, the agreement entails a mutual release of liabilities, with 3AC receiving an allowed unsecured claim against Genesis. This resolution, however, raises questions about the adequacy and fairness of the settlement amount. 
The stark contrast between the original $1 billion claim and the settled $33 million is not just a substantial financial discrepancy. It symbolically represents the tumultuous and unpredictable nature of cryptocurrency investments. 
Furthermore, Genesis had <a href="https://crypto.news/gemini-genesis-dcg-slammed-with-1b-crypto-fraud-lawsuit/" data-type="link" data-id="https://crypto.news/gemini-genesis-dcg-slammed-with-1b-crypto-fraud-lawsuit/">previously filed claims</a> worth $1.2 billion against 3AC, highlighting a complex web of financial entanglements between these entities. 
 Read more: <a href="https://crypto.news/liquidators-demand-1-3m-from-three-arrows-capital-founders/"> Liquidators demand $1.3m from Three Arrows Capital founders </a>

Genesis and 3AC reach $33m settlement in billion-dollar claim

crypto.news

Other articles published on Nov 13, 2023

Wall Street Journal Report: Hamas Uses Cryptos for its Operations

Where to Buy ICON Coin?

Traders Teleport to Celestia (TIA) After 140% Blast Off – Here’s Why

9% of French Adults Are Investing In Cryptocurrency

KLAY emerges as top gainer, open interest hits 11-week highs

What is bZx Protocol Token?

Join our free newsletter for daily crypto updates!