Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers

Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]

Genesis Global secures court approval for $3B payout

According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake.This post was originally published on this site

Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts 

The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […]

FTX Bankruptcy Claims Surge in Value: Bids Now Approach 93 Cents on the Dollar

Half a year ago, firms specializing in acquiring troubled companies and their debts were actively accumulating FTX bankruptcy claims worth millions, offering $0.33 for every dollar of claim. Presently, the valuation of these claims has significantly appreciated, with buyers now prepared to offer $0.93 on the dollar for each claim. FTX Bankruptcy Claims Now Worth […]

Prime Trust parent company lost $8M investing in TerraUSD

Prime Core Technologies said that “under prior management” it had lost $6 million in user funds and $2 million in treasury funds through investments in the algorithmic stablecoin.This post was originally published on this site