Genesis has received court approval to distribute $3 billion in cash and cryptocurrency to its creditors as part of its bankruptcy liquidation plan. This payment covers approximately 77% of customer demands. However, Digital Currency Group (DCG), Genesis' parent company, is not among the organizations that will receive this payment.
Genesis filed for Chapter 11 bankruptcy protection in New York in January 2023 due to serious losses from the collapses of Three Arrows Capital and FTX. At the time of filing, Genesis owed over $3.5 billion to its 50 largest creditors. At first, there were doubts about the full compensation of customers and the speedy conclusion of the bankruptcy process. In January 2023, insolvency claims platform Xclaim listed Genesis claims at just 35% of their value.
Currently, Genesis payouts for Bitcoin or Ethereum claims are trading between 97-110% for claims over $10 million and 74-94% for claims under $1 million. Fiat money or stablecoin requests in Genesis accounts are traded between 89-91% for accounts between 1-10 million dollars and 73-88% for requests under 1 million dollars.
Despite these positive developments for creditors, DCG will not receive any payments. Judge Sean Lane used the following statements in his decision: “Based on the record, there is insufficient value in the debtors' properties to provide DCG with a shareholding recovery after unsecured creditors are paid. "Considering the magnitude of the creditors' claims, it is clear that even if the Court evaluates the creditors' claims with the method suggested by DCG, DCG, as an equity owner, will lose billions of dollars."
Previously, DCG had advocated limiting customer requests to the value of cryptocurrencies as of January 2023. It was thought that this approach would allow full refunds to customers and potentially deliver a recovery for DCG. However, this argument was not approved by the court.
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