Genesis gets approval to pay back billions of dollars to creditors

Bankrupt cryptocurrency loan company Genesis Global Capital has won court approval for its plan to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge from its parent company, Digital Currency Group.

Judge Sean Lane said on Friday evening that he would confirm Genesis' Chapter 11 repayment plan, which includes a unique structure for returning Bitcoin and other tokens to creditors. This decision clears the way for Genesis to return customer assets that have been frozen on the platform since withdrawals were suspended in November 2022, following the collapse of other major cryptocurrency firms.