Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down

FILE PHOTO: A arrives at the U.S. District Bankruptcy Court for the Southern District of New York in New YorkNEW YORK - Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, with no recovery from the bankruptcy.

Crypto prices have risen sharply since Genesis filed for bankruptcy, and DCG and Genesis disagreed over who should benefit from the rise in prices. Bitcoin, for example, was worth $21,084 in January 2023, compared with its current price of $67,000.

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