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Bankrupt crypto lender Genesis has received court approval for billions of dollars in creditor repayments.
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According to Bloomber news, Genesis has received the necessary court permission to repay billions of dollars in creditors to Gemini users. Genesis, which managed to overcome all obstacles despite the countersuit and objections of the parent company Digital Currency Group, said it would pay up to 77% of its remaining funds to its creditors.
Judge Sean Lane said on Friday, May 17, that he will approve Genesis' Chapter 11 repayment plan, which includes a unique structure for returning Bitcoin and other tokens to creditors.
Judge Lane rejected DCG's appeal, saying in a 135-page decision that Genesis' parent company lacked legal standing to challenge the Chapter 11 plan.
Considering the magnitude of creditor claims, DCG remains out of this field as a multi-billion dollar capital holder.
Genesis was among the companies affected by the bankruptcy of the cryptocurrency exchange FTX and stopped withdrawals in November 2022.
