Crypto Lender Genesis Capital Faces Objections from Digital Currency Group over Bankruptcy Plan
Digital Currency Group (DCG) has objected to Genesis Capital's bankruptcy plan, which proposes to offer customers more than what is legally required. DCG has filed a motion citing violations of the Bankruptcy Code and is urging the court to reject Genesis Capital's plan, which it believes disproportionately benefits certain creditors. Genesis Capital is currently liquidating $1.6 billion worth of assets due to the harsh conditions of the 2022 crypto bear market and seeks to incorporate a $21 million settlement with the United States Securities and Exchange Commission into its bankruptcy case. The outcome of this dispute could set a precedent for how similar cases are handled in the future, impacting the broader crypto lending industry.
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