Digital Coin News

Bankruptcy judge approves Genesis Global plan to refund $3 billion to creditors, crypto customers

  • 📰 AP
  • ⏱ Reading Time:
  • 17 sec. here
  • 14 min. at publisher
  • 📊 Quality Score:
  • News: 52%
  • Publisher: 51%

New York News

Corporate Law And Regulation,General News,NYC State Wire

A bankruptcy court judge has approved a plan by the cryptocurrency lender Genesis Global to return about $3 billion to its creditors and investors, including thousands of people who New York regulators say were defrauded by the company. The plan and settlement was approved Friday by Judge Sean H. Lane.

ALBANY, N.Y. — A bankruptcy court judge has approved a plan by the cryptocurrency lender Genesis Global to return about $3 billion to its creditors and investors, including thousands of people who New York regulators say were defrauded by the company.

“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice,” James said in a statement Monday. “Once again, we see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Genesis Set to Return $3B Customer Assets in Finalized Bankruptcy Liquidation PlanBankruptcy claims began trading at 35% of account balance value when they were initially listed on claim trading marketplace Xclaim.
Source: CoinDesk - 🏆 291. / 63 Read more »