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<div class="cryptonews">
 <p class="is-style-lead">Genesis agrees to a $33 million settlement with Three Arrows Capital, significantly less than the original $1 billion claim, amid ongoing crypto turmoil.</p>
 <p>Bankrupt crypto lender Genesis has consented to a <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with the now-defunct crypto hedge fund Three Arrows Capital (3AC), culminating in a $33 million payment against a staggering $1 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a>.</p>
 <p>This development, revealed through court documents, 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.</p>
 <p>The downfall of 3AC 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 bankruptcy in January, pertain to transactions preceding its financial collapse.</p>
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 <p>Notably, the agreement entails a mutual release of liabilities, with 3AC receiving an allowed unsecured <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a> against Genesis. This resolution, however, raises questions about the adequacy and fairness of the <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> amount.</p>
 <p>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.</p>
 <p>Furthermore, Genesis had previously filed claims worth $1.2 billion against 3AC, highlighting a complex web of financial entanglements between these entities.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Liquidators demand $1.3m from Three Arrows Capital founders
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-and-3ac-reach-33m-settlement-in-billion-dollar-claim-tbt70146.html">https://thebittimes.com/genesis-and-3ac-reach-33m-settlement-in-billion-dollar-claim-tbt70146.html</a></p>

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

TheBitTimes

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