Cryptocurrency lender Genesis Global has been approved by a US Bankruptcy Court judge to restore nearly $3 billion in cash and bitcoin to its clients, preventing its owner, Digital Currency Group, from recovering from the bankruptcy.
Genesis’ Chapter 11 liquidation plan was accepted, and the court dismissed Digital Currency Group’s objection that Genesis should only pay its creditors and consumers the amount of cryptocurrency assets worth in January 2023.
Genesis is currently making payments to clients in bitcoin, but does not have enough to cover its entire debt.