The settlement plan proposed in February would give Genesis creditors 80% recovery of funds but many raised demands, leading to the mediation.
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The settlement plan proposed in February would give Genesis creditors 80% recovery of funds but many raised demands, leading to the mediation.
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Under the initial settlement plan, Genesis creditors were expected to receive 80% recovery of funds lost due to the bankruptcy.
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Negative headlines surrounding Silvergate dragged Bitcoin’s price below $20,000. Meanwhile, bankrupt Alameda is planning to sue Grayscale and its parent company DCG.
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The crypto conglomerate reported that falling crypto prices and the fallout from Three Arrows Capital’s loan default to Genesis affected its results.
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As FTX seeks clawbacks on political donations, Digital Currency Group and its bankrupt subsidiary, Genesis Global Trading, have reached an agreement on restructuring.
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Gemini Earn participants are among the many groups likely to be disappointed with the outcome of Genesis’ Chapter 11 bankruptcy filing.
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Digital Currency Group (DCG) plans to hand Genesis its stake in the Genesis Global Trading business entity which will then be sold, pending court approval.
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The seven-member committee will represent the creditors in court, having the right to participate in the reorganization plan.
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Genesis CEO Barry Silbert should have come clean after FTX imploded. Instead, he’s still deflecting responsibility for his company’s bankruptcy.
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Cryptocurrency exchange Luno fired 330 employees on Jan. 25, joining other DCG companies in cutting headcount.
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