Genesis reaches an agreement with Three Arrows Capital on a $1 billion claim

ChainCatcher news, according to CoinDesk, court documents show that the bankrupt crypto lending firm Genesis has agreed to settle the $1 billion claim made by Three Arrows Capital by paying $33 million. Genesis is seeking approval from the New York bankruptcy court to resolve the claims.

The documents state that the 3AC debtors will receive a general unsecured claim against Genesis in the amount of $33 million, which will fully satisfy the claims of over $1 billion made against each Genesis debtor," the documents add that the agreement will "mutually release liabilities." A proposed settlement hearing is scheduled for November 30.