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Digital Currency Group (DCG) has reached an agreement in principle with Genesis creditors to resolve claims arising from Genesis’ bankruptcy. The plan could provide between 70% and 90% US dollar repayment for unsecured creditors and between 65% and 90% in kind, depending on the type of digital assets.
Genesis was one of the leading companies in the cryptocurrency industry. However, in 2022, it suffered millions of dollars in losses as a result of a massive cyberattack and filed for bankruptcy. This left Genesis’ customers and partners in great uncertainty. Some creditors demanded the liquidation of Genesis assets, while others wanted the company to be restructured.
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DCG is a cryptocurrency investment company that was a major shareholder of Genesis. DCG played an active role in Genesis’ bankruptcy process and sought a settlement with creditors. According to DCG’s plan, creditors will be able to recover some of Genesis’ digital assets. These assets include Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
This deal could be a ray of hope for thousands of people affected by Genesis’ bankruptcy. However, the plan is not yet finalized and needs court approval. In addition, the value of digital assets must remain unchanged for the plan to be implemented. Therefore, fluctuations in the cryptocurrency market could affect the success of the plan.