Genesis approved to repay creditors billions of dollars

ChainCatcher news, according to market news, the crypto company Genesis has defeated the challenge from its parent company DCG and has been approved to repay billions of dollars to creditors. (unfolded)

Previously in April, Gemini Trust released an update regarding the Earn program: At a hearing on April 16, the bankruptcy court verbally approved a global settlement agreement among Gemini, Genesis, and other creditors in the Genesis bankruptcy case. This is another milestone in the process of fully restoring the digital assets of Earn users.

The settlement agreement stipulates that as of the pause date (November 16, 2022), the initial distribution amount to Earn users is approximately 97% of the digital assets owed to them, with the initial distribution expected to take place at the end of May or early June. The remaining distribution amount will come from Digital Currency Group, Inc.