Crypto lender Genesis Global and creditors agree to 30-day mediation period post-bankruptcy filing

Genesis Global and its creditors are entering a 30-day mediation period following a request made by Genesis Global to a US bankruptcy court to appoint a mediator in the wake of the lender’s collapse last November, according to lawyers for the bankrupt crypto lender. FTX, following its own collapse last year, had seen Genesis’ lending arm put withdrawals on hold. Later on, the lender filed for bankruptcy protection, with a DCG lawyer disclosing his company’s desire to sell the lender’s trading and lending platform…

Genesis Global and creditors agree to 30-day mediation period post bankrupty filing

Genesis Global, which filed for bankruptcy soon after its lending arm floor trading XTX disappeared last November, stunned not only its users various funds in November, it reveald digital lender will pay attention to repayment funds to creditors – thanks to a deal worked on by its even creditors who focused on unsecured claims against the failed outfit…Further measures are now pending including the appointment of a mediator. In February this year, DCG gave intent to sell the Bitcoin lending and trading platform.

Source: June 1, Coinddesk and Bloomberg

[h/t Sandali Handagama]