Home Cryptocurrency Lawyers for Genesis and its creditors are “optimistic” about a quick resolution to the bankruptcy

Lawyers for Genesis and its creditors are “optimistic” about a quick resolution to the bankruptcy

by SuperiorInvest

According to a statement by Genesis interim CEO Derara Islam, the company has more than $5 billion in liabilities — an amount substantially greater than its assets, which include about $150 million in unencumbered cash, $500 million in digital assets, $385 million in brokerage accounts and $505 million in outstanding loans to third parties, according to a Monday court filing. The assets also include large amounts owed by its parent company Digital Currency Group (DCG) – a $575 million loan due in May and a $1.1 billion note due in 2032.

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