Index Investing News
Friday, May 30, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Genesis Lawyers Hopeful Of Swift Resolution In Bankruptcy Process

by Index Investing News
January 24, 2023
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Join Our Telegram channel to stay up to date on breaking news coverage

Genesis Global Capital has been the latest casualty of the effects of the crypto bear market. The crypto lender recently filed for Chapter 11 bankruptcy. The company’s lawyers have informed a bankruptcy court in New York of working “around the clock” to settle with creditors.

Genesis hopes for a swift resolution in bankruptcy

The lawyers noted that they have been working with the representatives of creditors and the US Trustee Office for the last two months to reach a consensus. The lending unit of Genesis halted withdrawals on November 18 last year because of exposure to FTX. Genesis had funds in FTX before the exchange’s bankruptcy.

Two months after halting withdrawals, Genesis filed for bankruptcy. The bankruptcy filing included two of the lender’s subsidiaries: Genesis Asia Pacific and Genesis Global Capital. Lawyers from the Cleary Gottleib law firm, which is representing Genesis in the bankruptcy proceedings, informed the bankruptcy court judge that they plan to settle by the end of the week.

According to attorney Sean O’Neal, Genesis had come up with a timeline and an approach to assist the lender in getting through the bankruptcy case. O’Neal added that the company did not want prolonged litigation that would impact the value available to the creditors.

Another attorney representing Genesis, Jane VanLare, said the firm was also exploring a potential sale to raise funds needed to repay creditors. She added that if the sale is unsuccessful, the company will explore equity interest in the holding company. This equity would be distributed to support creditors.

The financial woes facing Genesis were triggered by the fall of the crypto hedge fund Three Arrows Capital, to which the lender had loaned funds. The interim CEO of Genesis. Derar Islim estimates that the lender has liabilities of over $5 million.

The company’s liabilities are significantly higher than its assets. Some of the assets that the attorneys mentioned in the Monday court presentation include $150M in cash, $500M in digital assets, $385M in brokerage accounts, and $505M in outstanding loans. Digital Currency Group also owes Genesis a $575M loan that matures in May and a $1.1B promissory note due in nine years.

Genesis woes spill to other crypto firms

The woes facing the Genesis exchange have been witnessed in other crypto firms exposed to the lender. The parent company of Genesis, Digital Currency Group, has announced suspending dividends to save money by reducing expenses.

DCG is also the parent company of CoinDesk. The crypto news site is exploring a partial or full sale of its business. CoinDesk has already hired Lazard investment bankers to explore this sale

Gemini likely had the highest exposure to Genesis because of the Gemini Earn program launched through a partnership between the two companies. Genesis owes Gemini Earn users around $900 million. Gemini recently announced plans to lay off 10% of its workforce. Genesis and Gemini are facing a lawsuit by the US Securities and Exchange Commission (SEC).

Related

Fight Out (FGHT) – Newest Move to Earn Project

  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses

FightOut token


 

Join Our Telegram channel to stay up to date on breaking news coverage



Source link

Tags: bankruptcyGenesishopefullawyersProcessresolutionSwift
ShareTweetShareShare
Previous Post

Blackstone is ‘best in class,’ JPMorgan says in upgrade

Next Post

Ben Davis Put ‘High Noon’ into The Banshees of Inisherin

Related Posts

Chainlink oracle ‘malfunction’ sparks 0k in DeFi liquidations, reignites reliability debate

Chainlink oracle ‘malfunction’ sparks $500k in DeFi liquidations, reignites reliability debate

by Index Investing News
May 30, 2025
0

A Chainlink value feed’s alleged malfunction led to greater than $500,000 in liquidations on Could 29, sparking contemporary debate over...

Webus Bets 0M on XRP to Gasoline Funds

Webus Bets $300M on XRP to Gasoline Funds

by Index Investing News
May 30, 2025
0

Webus, a Chinese language AI-driven mobility firm, desires to make chauffeur funds frictionless with a $300M XRP reserve. Markets? Unimpressed...

Ethereum Spot Premium Alerts Energy – ,800 Resistance In Focus

Ethereum Spot Premium Alerts Energy – $2,800 Resistance In Focus

by Index Investing News
May 29, 2025
0

Cause to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by trade specialists and meticulously reviewed...

Ripple’s Hidden Highway Unleashes Institutional Swaps Throughout US

Ripple’s Hidden Highway Unleashes Institutional Swaps Throughout US

by Index Investing News
May 29, 2025
0

Ripple’s Hidden Highway unleashes institutional-grade OTC crypto swaps in U.S., eyeing world prime brokerage dominance. Ripple’s Strategic Strike: Prime Brokerage...

Ripple’s Hidden Street launches OTC crypto swaps in US

Ripple’s Hidden Street launches OTC crypto swaps in US

by Index Investing News
May 29, 2025
0

Ripple’s newly acquired prime dealer, Hidden Street, has launched cryptocurrency swaps for institutional buyers in america.The service permits US institutional...

Next Post
Ben Davis Put ‘High Noon’ into The Banshees of Inisherin

Ben Davis Put 'High Noon' into The Banshees of Inisherin

Budget needs a road map for reducing fiscal deficit

Budget needs a road map for reducing fiscal deficit

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Episode #399: Mary Childs, NPR’s Planet Cash – Bond King Invoice Gross – Meb Faber Analysis

Episode #399: Mary Childs, NPR’s Planet Cash – Bond King Invoice Gross – Meb Faber Analysis

March 17, 2022
Paul Reubens, ‘Pee-wee Herman’ actor, dies after cancer battle

Paul Reubens, ‘Pee-wee Herman’ actor, dies after cancer battle

July 31, 2023
Lincoln Property, Goldman Sachs Safe Financing for Austin Challenge

Lincoln Property, Goldman Sachs Safe Financing for Austin Challenge

October 17, 2024
Donnie Yen & Cecilia Han in Snowstorm Thriller ‘Polar Rescue’ Trailer

Donnie Yen & Cecilia Han in Snowstorm Thriller ‘Polar Rescue’ Trailer

February 13, 2024
Horizen on Base And The Particular Council Election Outcomes | by PVMihalache | The Capital | Mar, 2025

Horizen on Base And The Particular Council Election Outcomes | by PVMihalache | The Capital | Mar, 2025

April 3, 2025
Brazilian president signs crypto bill into law By Cointelegraph

Brazilian president signs crypto bill into law By Cointelegraph

December 23, 2022
As FIIs take Christmas & New Year holidays, what should Nifty traders do? Kunal Shah shares his two cents

As FIIs take Christmas & New Year holidays, what should Nifty traders do? Kunal Shah shares his two cents

December 23, 2023
Best 4 Crypto to Buy Now July 2023 – Huge Potential

Best 4 Crypto to Buy Now July 2023 – Huge Potential

July 6, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In