Genesis Trading, a bankrupt crypto lender, has filed a motion seeking court approval to sell over $1.6 billion in BTC, ETH, and ETC held in Grayscale's trust products. The bankruptcy plan has sparked objections from Digital Currency Group (DCG), the parent company of Genesis, which claims that the proposed debt-repayment plan overpays creditors and favors select creditors, leading to an impermissible windfall for customers. DCG's objection to the plan has raised concerns about the treatment of creditors and the fairness of the proposed payouts.
#Crypto Titan Digital Currency Group Opposes Genesis' Restructuring Plan for Favoring Select Creditors https://t.co/JueHGSnwL5
The parent company of Genesis Global objected to the crypto lender’s bankruptcy plan, saying some creditors would get more than they are owed https://t.co/ODv71PmCnX
Digital Currency Group Slams Genesis Payment Plan ► https://t.co/QEuttTmVZZ https://t.co/QEuttTmVZZ
Barry Silbert’s Digital Currency Group is alleging that customers of bankrupt subsidiary Genesis are slated to get an impermissible windfall under the crypto lender’s proposed debt-repayment plan. https://t.co/WjgHEXqj8v
DCG objects to extra payouts for special Genesis creditors https://t.co/AatwF0q26z
DCG says the Genesis bankruptcy plan should not be confirmed because it overpays creditors https://t.co/bKXfKRVey6
DCG says Genesis bankruptcy plan overpays customer claims https://t.co/17Gf3N5hlL https://t.co/4Ze27D5XTp
📣 Latest News: Genesis bankruptcy plan overpays customer claims, DCG says #news #cryptonews #crypto
Bankrupt crypto lender @genesistrading filed a motion Friday asking a judge to approve the sale of over $1.6 billion in $BTC, $ETH, and $ETC held in @Grayscale’s trust products. https://t.co/Q0QDGs5Woe