A judge on Friday allowed cryptocurrency lender Genesis Global to return over $3 billion in cash and bitcoin to its clients in a bankruptcy liquidation.
In a bankruptcy liquidation, cryptocurrency lender Genesis Global was approved by a judge on Friday to restore almost $3 billion in cash and bitcoin to its clients; as a result, its owner, Digital Currency Group, will not be able to recover from the bankruptcy.
U.S. Judge Sean Lane of bankruptcy affirmed Genesis’ Chapter 11 liquidation plan and dismissed DCG’s objection, which stated that Genesis should only pay its creditors and consumers the amount the cryptocurrency assets were worth in January 2023, the month Genesis filed for bankruptcy.
Since Genesis declared bankruptcy, the value of cryptocurrencies has increased significantly, and DCG and Genesis…
