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Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
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Genesis Global Holdco parent Digital Currency Group announced Tuesday it is seeking to refinance its more than $1.7 billion in debt to the bankrupt cryptocurrency lender as it continues to participate in talks on Genesis' Chapter 11 plan.
Bucking the trend of throwing their toys out of the pram every time a crisis hits, however minor or major, the cryptocurrency markets have stayed the course...
Bucking the trend of throwing their toys out of the pram every time a crisis hits, however minor or major, the cryptocurrency markets have stayed the course...