Crypto Lender Genesis Prepares to Liquidate Without Deal With ... - The Wall Street Journal

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By Akiko Matsuda
Genesis filed for bankruptcy in January in the wake of the collapse of crypto exchange FTX. Photo: Rafael Henrique/Zuma Press

Crypto lender Genesis Global is pursuing a chapter 11 liquidation plan that abandons a previous settlement proposal to restructure the $1.7 billion in loans it extended to its parent company Digital Currency Group.

Genesis filed court papers Wednesday for a plan to exit from chapter 11 without a resolution of its claims against DCG, the crypto conglomerate founded by finance veteran Barry Silbert. Genesis is now preparing to liquidate its assets without the settlement proposal reached in August that intended to deliver estimated recoveries of between 70% to 90% for Genesis customers, including users of crypto exchange Gemini Trust's Earn program.

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