Odaily Planet Daily News: So far, Genesis's claim rate for Bitcoin or Ethereum claims exceeding $10 million is between 97%-110%, while the claim rate for claims below $1 million is between 74%-94%. For accounts worth between $1 million and $10 million, the proportion of legal currency or stablecoin claim transactions in Genesis accounts is 89%-91%, and for claims worth less than $1 million, it is 73%-88%. Genesis' parent company DCG will not receive compensation in the lawsuit. (CoinDesk) Earlier news, cryptocurrency lender Genesis Global obtained court approval to return approximately $3 billion in cash and cryptocurrency to customers in bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’s Chapter 11 liquidation plan and rejected an objection from its parent company, Digital Currency Group (DCG), which argued that Genesis should not pay customers and creditors more than the value of its crypto assets at the time of its bankruptcy filing in January 2023. Lane rejected DCG’s objection, ruling that even if customer claims are capped at a lower price, Genesis must pay many other creditors, including federal and state financial regulators who are allegedly claiming $32 billion, before it can pay its shareholder DCG. “In these circumstances, there are insufficient assets to provide any compensation to DCG,” Lane wrote. Genesis is paying customers in cryptocurrency whenever possible, but it does not have enough cryptocurrency to repay all the funds owed. The company estimated in February that it would be able to pay customers up to 77% of the value of claims, depending on future cryptocurrency price fluctuations.
