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    <p>Bankrupt crypto lender Genesis is reportedly hoping to score a number of tax benefits after it successfully blocked its parent company from offloading or reducing its ownership until the firm’s Chapter 11 proceedings have been completed.</p>
    <p>As reported by CoinDesk, <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> stands to retain <a rel="noopener noreferrer nofollow" title="benefits" href="https://thebittimes.com/tag/benefits.html">benefits</a> on $700 million of “federal net operating loss carryforwards,” providing Digital Currency Group (<a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>) keeps hold of at least 80% of the firm.</p>
    <p>These carryforwards — which are linked to collapsed crypto hedge fund Three Arrows Capital — may lessen <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>’ future income <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> liability, improve its cash position, and “contribute to a successful reorganization.”</p>
    <h2 class="wp-block-heading" id="h-genesis-and-dcg-agreed-a-payment-plan">Genesis and DCG agreed a payment plan</h2>
    <p>Last month, Genesis and DCG came to an agreement over unpaid debts that went overdue in May. However, <strong>the deal still has to be approved by creditors</strong>.</p>
    <p>According to Genesis’ bankruptcy plan, DCG agreed to pay it $295 million in US dollars and bitcoin. This is to be paid in installments by April.</p>
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       Genesis and DCG reach deal for overdue debt, creditors to vote
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    <p><em>Read more: <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> wants Gemini’s $700M in ‘unfair’ transfers made before bankruptcy</em></p>
    <p>DCG owes Genesis Global Capital for <strong>four loans worth $500 million and just over 4,550 bitcoin</strong> borrowed by its international arm. The “partial repayment agreement” brings DCG’s total returns to about $502 million.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-eyeing-tax-benefits-after-blocking-dcg-sale-tbt74158.html">https://thebittimes.com/genesis-eyeing-tax-benefits-after-blocking-dcg-sale-tbt74158.html</a></p>

Genesis eyeing tax benefits after blocking DCG sale

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