Bankrupt crypto lender Genesis Global Capital won court approval for its plan to distribute billions of dollars in digital assets and cash to creditors, overcoming a legal challenge from its corporate parent Digital Currency Group. The approval by Judge Sean Lane for Genesis' Chapter 11 repayment plan includes a unique structure for returning Bitcoin and other tokens to creditors. This decision enables Genesis to return customer assets frozen on the platform since the firm paused withdrawals in November 2022 after the collapse of other major crypto firms.

Bankrupt crypto lender Genesis Global Capital won court approval of its plan to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge brought by its corporate parent Digital Currency Group.Judge Sean Lane said late Friday he’d confirm Genesis’ Chapter 11 repayment plan which includes a unique structure for returning Bitcoin and other tokens to creditors. The decision clears Genesis’s path to return customer assets that have been frozen on the platform since the firm paused withdrawals in November 2022 following the collapse of other major crypto firms.

Genesis Global Capital Wins Court Approval to Repay Creditors