-- Bankrupt crypto lender Genesis Global Capital won court approval of its plan to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge brought by its corporate parent Digital Currency Group.Judge Sean Lane said late Friday he’d confirm Genesis’ Chapter 11 repayment plan which includes a unique structure for returning Bitcoin and other tokens to creditors.
DCG argued that the plan gives Genesis creditors an impermissible windfall at its expense. The parent company said creditor claims must be set based upon where crypto prices stood at the time its subsidiary filed bankruptcy in early 2023. At the time, Bitcoin was trading around $24,000, compared to more than $66,700 on Friday.Genesis has estimated creditors who lent it digital assets could recover as much as 77% under its proposal, and substantially less had DCG prevailed.
The case is Genesis Global Holdco, LLC, 23-10063, US Bankruptcy Court, Southern District of New York .How the ‘Harvard of Trading’ Ruined Thousands of Young People’s LivesTORONTO — Canadians are continuing to be laid off as part of a wave of job cuts that began in 2023 as companies assessed their operations after the height of the COVID-19 pandemic passed. Tech companies, retailers and more have all begun shedding members of their workforce in a bid to navigate the economic downturn.
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