Genesis Agrees to Multi-Billion Dollar Settlement in Bankruptcy Plan

By: Eva Baxter

Bankrupt crypto lender Genesis has reached a significant agreement to settle a $2 billion payment aimed at partially reimbursing users of its defunct lending division. This substantial settlement forms part of the broader initiative to resolve the financial turmoil following the company's bankruptcy declaration. This development marks a significant step in their bankruptcy liquidation plan, which also entails the return of $3 billion in customer assets.

Initially, bankruptcy claims were being traded at 35% of the account balance value on the claim marketplace Xclaim, providing a secondary avenue for affected users to recover part of their funds. The finalized agreement aims to provide greater financial restitution directly to the aggrieved customers. The move is expected to restore a measure of trust and stability in the crypto lending sector.