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A bankruptcy court judge has approved a plan by the cryptocurrency lender Genesis to return about $3 billion to its creditors and investors, including thousands allegedly scammed by the company.
Digital currency prime brokerage Genesis Global Holdco, LLC and two of its lending subsidiaries have filed for Chapter 11 bankruptcy in New York, according to a release on Friday
The crypto lender, a subsidiary of billionaire Barry Silbert's crypto empire, has filed for bankruptcy after weeks of speculation.
Poor cryptocurrency valuations and continued fallout from FTX's downfall left Genesis unable to pay its creditors.