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Filing for Bankruptcy, This Crypto Company Returns IDR 47.8 Trillion to Customers

Liputan6.com, Jakarta Crypto lender Genesis Global received court approval to return around USD 3 billion or the equivalent of IDR 47.8 trillion in cash.

Genesis also agreed to return some cryptocurrency to its customers in bankruptcy liquidation, keeping its owner, Digital Currency Group (DCG), out of bankruptcy.

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Launch Channel News Asia, Monday (20/5/2024) US Bankruptcy Judge Sean Lane approved the Chapter 11 liquidation plan for Genesis and overturned the objections submitted by DCG.

In its filing, DCG said that Genesis must pay its customers and creditors no more than the value of the crypto assets by January 2023, when Genesis files for bankruptcy.

Meanwhile, judge Sean Lane rejected DCG's objection.

He ruled that even though customer claims were limited to the lower price, Genesis would have to pay many other creditors, including federal and state financial regulators who had submitted claims totaling USD 32 billion or Rp. 510.8 trillion, before Genesis can provide money to DCG equity owners.

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“There are insufficient assets to provide a remedy to DCG in this case,” Lane wrote in his decision.

Crypto prices have risen sharply since Genesis filed for bankruptcy, and DCG and Genesis disagree over who should benefit from the price increases.

Bitcoin, for example, is worth USD 21,084 in January 2023, compared to its current price of USD 67,000.

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Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.

Filing for Bankruptcy, This Crypto Company Returns IDR 47.8 Trillion to Customers

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