DCG objects to Genesis' bankruptcy plan, saying proposed payments to customers exceed statutory amounts
Digital Currency Group (DCG) opposes the bankruptcy plan of its subsidiary Genesis Global Capital, stating that the proposed amount to be paid to customers exceeds the statutory amount.DCG believes that Genesis should pay customers and creditors based on the value of the cryptocurrency assets in January 2023. Genesis has proposed additional payments to customers to account for the rise in asset prices, which DCG believes violates US bankruptcy law.Genesis and Gemini Trust have failed to reach a settlement with DCG. The SEC has sued Genesis and Gemini Trust for illegally selling securities to investors.
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