Genesis and its majority creditors are defending the cryptocurrency lender's proposed chapter 11 liquidation plan against objections from its parent company, Digital Currency Group. Concurrently, Genesis has proposed a $2 billion settlement offer for users affected by the closure of the Gemini Earn program, with the bankruptcy court's approval pending. In a related development, Celsius Network is seeking to reclaim $2 billion withdrawn by customers just before its bankruptcy filing, indicating a significant financial recovery effort amidst the crypto platform's liquidation process. Genesis asked a bankruptcy court to approve the settlement, while Gemini submitted a statement in support of the plan.
Consultants overseeing the liquidation of Celsius Network LLC have demanded a return of $2 billion from significant clients https://t.co/HMlBSC3ADe
Celsius seeks return of $2 billion withdrawn before bankruptcy https://t.co/dD8t7DieYE via @business
🚨 JUST IN: Celsius Network aims to reclaim $2 billion withdrawn by customers before its bankruptcy filing.
Celsius is seeking more than $2 billion that had been withdrawn from the crypto platform just before it filed bankruptcy https://t.co/5idM1NHlV1
Genesis and Gemini’s Earn program closure leads to $2 billion settlement offer for affected users. Genesis asked a bankruptcy court to approve a settlement in principle, while Gemini submitted a statement in support of the plan. The request will be considered during an upcoming… https://t.co/E5ec2hR5mo
Genesis and a majority of its creditors defended the bankrupt cryptocurrency lender’s proposed chapter 11 liquidation plan against objectors including its parent, Digital Currency Group https://t.co/jpH7RbsfN1