Genesis Seeks Court Approval to Reduce Claim of Defunct Hedge Fund in Bankruptcy Process

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Cointime2023/11/10 16:45

By:Cointime

Crypto lender Genesis, which is facing bankruptcy, has requested court approval to reduce the claim of defunct hedge fund Three Arrows Capital (3AC) from over $1 billion to $33 million as part of its Chapter 11 reorganization efforts. Genesis will also forfeit its claims to an undisclosed amount of AVAX and NEAR tokens. The proposed settlement is aimed at avoiding prolonged litigation and facilitating a smoother and more efficient reorganization process. The settlement proposal is pending approval by Judge Sean Lane at the U.S. Bankruptcy Court for the Southern District of New York, with a hearing scheduled for November 30.

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