DCG and Genesis reach landmark settlement over bankruptcy
DCG and its subsidiary, Genesis, reach ed a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market. In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have reach ed a legal agreement with far- reach ing implications for the cryptocurrency market. The deal addresses the bankruptcy issues facing Genesis, a crypto lending firm that filed for bankruptcy earlier this year amid market instability worsened by the collapse of FTX in November 2022. You might also like: FTX and Genesis reach settlement in bankruptcy case Genesis has proposed a revised recovery plan to reimburse creditors up to 90% of their initial investments. Specifically, the plan outlines a recovery range for unsecured creditors between 70% and 90%, and a potential for in-kind recovery between 65% and 90%, depending on the current value of digital assets. The agreement also offers solutions to DCG’s pressing financia...