Several creditors crypto lender Genesiswhose receivables total $2.4 billion, estimate that agreement in principle announced earlier this week is “ totally insufficient “.
Earlier this week, the crypto conglomerate Digital Currency Group has reached an agreement in principle with its bankrupt lending platform. The plan includes a 65-90% recovery from Genesis’ creditors, subject to various conditions.
However, a group of major creditors of the crypto lender with claims totalling 2.4 billion could make scupper the deal, reported Coindesk this Wednesday.
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DCG’s contribution to the estate in satisfaction of creditors’ claims is wholly insufficient to satisfy even the undisputed loan amounts owed, let alone the valuable estate claims that creditors may assert against DCG and its directors and officers, including Barry Silbert,” they said.
Earlier this year, the DGC filed for bankruptcy, not surprisingly. Genesis had already frozen withdrawals on its service following the bankruptcy of the FTX exchange.
At the time, the cryptocurrency lender owed $3.4 billion to its 50 biggest creditors. At the top of the list were Gemini, Bybit, Stellar, Decentraland and France’s Coinhouse.
The group of creditors, whose identity was not revealed, also objected to dropping future legal proceedings against Digital Currency Group and its CEO.
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