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<ul class="news-points">
 <li>Judge approves $3 billion Genesis plan.</li>
 <li>Repayment prioritizes current crypto value.</li>
 <li>Ruling sets precedent for future cases.</li>
</ul>
In a victory for creditors, a U.S. bankruptcy judge on Friday <a href="https://www.bloomberg.com/news/articles/2024-05-17/failed-crypto-lender-genesis-wins-approval-on-repayment-plan" target="_blank" rel="noopener noreferrer nofollow">approved</a> a plan by Genesis Global Capital, a bankrupt cryptocurrency lender, to repay approximately $3 billion in a combination of digital assets and cash. The ruling by Judge Sean Lane of the Southern District of New York overrode objections from Genesis’ parent company, Digital Currency Group (DCG), which had proposed a different repayment structure.
Under the approved Chapter 11 liquidation plan, Genesis will prioritize repaying creditors with digital assets whenever possible. However, the plan also allows for cash disbursements based on the current market value of those assets. This approach stands in contrast to DCG’s proposal, which sought to peg repayments to the value of cryptocurrencies on the date Genesis filed for bankruptcy in January 2023.
At that time, <a href="https://coinedition.com/what-is-bitcoin-everything-you-need-to-know/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin, the world’s leading cryptocurrency</a>, traded at around $21,084. Since then, the market has experienced a significant rebound, with Bitcoin currently hovering around $66,889 according to <a href="https://www.tradingview.com/x/v674R3jO/" target="_blank" rel="noopener noreferrer nofollow">TradingView data</a>. …
The post <a href="https://coinedition.com/crypto-lender-genesis-wins-court-approval-for-3-billion-repayment-plan/" rel="noopener noreferrer nofollow">Crypto Lender Genesis Wins Court Approval for $3 Billion Repayment Plan</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Crypto Lender Genesis Wins Court Approval for $3 Billion Repayment Plan

Coin Edition

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