Genesis Seeks Court Approval to Reduce Claim of Defunct Hedge Fund in Bankruptcy Process
Crypto lender Genesis, which is facing bankruptcy, has requested court approval to reduce the claim of defunct hedge fund Three Arrows Capital (3AC) from over $1 billion to $33 million as part of its Chapter 11 reorganization efforts. Genesis will also forfeit its claims to an undisclosed amount of AVAX and NEAR tokens. The proposed settlement is aimed at avoiding prolonged litigation and facilitating a smoother and more efficient reorganization process. The settlement proposal is pending approval by Judge Sean Lane at the U.S. Bankruptcy Court for the Southern District of New York, with a hearing scheduled for November 30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Pro-Bitcoin Karol Nawrocki Wins Poland’s Presidential Election
India Can Lead the Web3 Wave With Clear Rules: Sumit Gupta
BREAKING: Circle IPO Share Price Upscaled After BlackRock Shows Interest
Vitalik Buterin Outlines Plan to Scale Ethereum Layer 1 by 10X Within One Year

Trending news
MoreCrypto prices
More








