NEW YORK: A lawyer for the bankrupt Genesis Global Capital said on Monday that the cryptocurrency lender had some confidence it could resolve its disputes with creditors this week, with a goal of emerging from Chapter 11 by late May.
The filing followed the bankruptcies since last July of crypto lenders BlockFi, Celsius Network and Voyager Digital. Brian Rosen, a lawyer for creditors holding US$1.5 billion of claims, said"we are getting closer" to an accord."Only time will tell," he said.The company listed just over US$5 billion of assets and liabilities in its bankruptcy filing, and said it owed more than 100,000 creditors at least US$3.4 billion. It estimated it has nearly US$1.7 billion of claims against DCG, the parent.
On Jan 12, the US Securities and Exchange Commission charged Genesis and Gemini with illegally selling unregistered securities through their Gemini Earn lending product.