The first hearing date of the bankruptcy protection court of the crypto loan platform Genesis, a subsidiary of the giant investor of the crypto money market, Digital Currency Group (DCG), has been announced.
First hearing of Genesis, who applied to bankruptcy protection court 22:00 on Monday, January 23(TSI) will take place. Genesis to the U.S. Bankruptcy Court for the Southern District of New York Chapter 11 bankruptcy had applied for protection. In the court application, More than 100,000 creditors and Liabilities between $1 billion and $10 billion may have been declared.
Cameron, Gemini executive winklevossthrown shortly after the announcement of the application in the tweet He called out to creditors and said that the bankruptcy “very important step for us to get your assets back” said that.
On the other hand, the Genesis front claimed that the biggest factor that brought them to this point was the Digital Currency Group, and they did not pay the company. $900 million in loan debt threatened to sue. Although a lawsuit has not yet been initiated, official steps may be taken soon if DCG’s indifferent attitude continues, which has not made any payments for a long time.