NFT News Daily TheBittimes.com

Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring. Genesis will return $3B to creditors, covering 77% of customer claims. Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan. Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses. This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan. Genesis Trading has transfer red 32,256 $BTC($2.12B) and 256,775 $ETH($838M) to multiple addresses in the past 3 days and may be undergoing bankruptcy proceedings to repay debts. And #GenesisTrading transfer red 13,291 $BTC($830.7M) to #Coinbase between Jun 12 and Jul 15, during… pic.twitter.com/EpLdn5PUJn — Lookonchain (@lookonchain) August 2, 2024 Genesis Trading s...

Genesis Global gets court approval to repay $3 billion to customers. Judge Sean Lane overruled an objection from Genesis parent company Digital Currency Group. DCG argued payments to be in US value of assets as of bankruptcy filing in January 2023. Genesis Global has secured court approval to return $3 billion in cash and crypto to its creditors, details in a recent court filing show. The payouts will represent about 77% of customers’ claims. However, the payout doesn’t include Digital Currency Group (DCG), the parent company of Genesis Global. The development comes after US Bankruptcy Judge Sean Lane approved the Chapter 11 bankruptcy plan Genesis Global and its subsidiaries filed in January 2023. Genesis’ bankruptcy followed the collapse of Three Arrows Capital and FTX in 2022. Judge overrules DCG objection As noted above, the plan to return billions of dollars worth of crypto assets and cash to Genesis creditors has received a node ...

The customer claims portal for insolvent cryptocurrency exchange, FTX, went offline shortly after its debut on July 10, leaving customers unable to make claims online.  Kroll, the claims agent for FTX, said they are working on resolving the glitch for victims to submit claims. In the meantime, affected customer s can still file claims by submitting a digital form on Kroll’s website or by mail. As of writing on July 12, the  portal  is still inaccessible. Former FTX boss facing 24 fraud charges FTX’s bankruptcy case is being handled in Delaware, and ongoing legal proceedings shed light on the exchange’s financial difficulties.  Former CEO Sam Bankman-Fried is facing 24 fraud-related charges. The wire fraud charges allege that Bankman-Fried used wire transfers to defraud investors by making false and misleading statements about the financial health of FTX. You might also like: Sam Bankman-Fried to face trial only on 8 initial charges Meanwhile...