In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. 

According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors.

Genesis Resolves Dispute With 3AC

The settlement agreement, submitted to the court for approval, outlines the terms of the resolution between the parties. Under the agreement, the 3AC Debtor will receive an allowed general unsecured claim of $33,000,000 against Genesis Global. 

In addition to the monetary settlement, the agreement includes mutual liability releases between the crypto lender and 3AC. Both parties will be released from further claims against each other as outlined in the settlement agreement. However, it’s important to note that the Genesis Debtors will retain any claims they may have against DCG.

According to the bankrupt crypto lender founded by Barry Silbert, the proposed settlement holds significant benefits for Genesis Debtors’ estates. The court filing shows that this settlement will pave the way for confirmation of the debtors’ Chapter 11 reorganization plan, allowing for prompt distributions to creditors. 

The settlement agreement has been “carefully considered” and approved by Holdco’s Special Committee of the Board of Directors. After consultation with legal and financial advisors, the committee concluded that the agreement was in the interests of the Genesis Debtors’ estates and their creditors.

Master Loan Agreeme
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Author: Ronaldo Marquez

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