{"id":186112,"date":"2023-11-02T22:06:28","date_gmt":"2023-11-02T16:36:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=186112"},"modified":"2023-11-02T22:06:28","modified_gmt":"2023-11-02T16:36:28","slug":"doj-trustee-questions-genesis-plan-changes-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/doj-trustee-questions-genesis-plan-changes-crypto-news\/","title":{"rendered":"DOJ Trustee Questions Genesis Plan Changes – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

A representative for the U.S. government has voiced concerns over recent amendments made by<\/span> Genesis in their bankruptcy<\/span><\/a> proceedings. William Harrington, serving the Department of Justice, has identified substantial modifications to the terms previously agreed upon by the debtors in their restructuring plan.<\/span><\/p>\n

Harrington\u2019s primary contention hinges on overhauling the sale strategy initially proposed. He notes the original discharge language has been scrapped, with Genesis retracting their intent to pursue an asset sale. This pivot, according to the trustee, necessitates a fresh disclosure statement and a prolonged notice period to allow creditors due process.<\/span><\/p>\n

<\/p>\n

Genesis Disclosure Lacks Creditor Details<\/strong><\/h2>\n

Moreover, the trustee has questioned the level of detail in the revised disclosure, specifically the need for more clarity around creditor distributions. Harrington argues that the amended document needs to outline the expected dividends and the timelines for creditor compensation. This omission is a critical concern for those invested in the outcome of the bankruptcy resolution.<\/span><\/p>\n

The backdrop to this legal scrutiny is Genesis\u2019s bankruptcy filing in January, a repercussion of the <\/span>FTX collapse<\/span><\/a>. A preliminary <\/span>agreement between Genesis<\/span><\/a> and Gemini in August had proposed a recovery of 70-90% for unsecured creditors, a deal now shadowed by legal confrontations.<\/span><\/p>\n

Gemini Sues Genesis Over Collateral Shortfall<\/strong><\/h2>\n

<\/p>\n

Additionally, the trustee\u2019s objection surfaces amidst a web of legal disputes involving Genesis, its parent company, Digital Currency Group, and Gemini. A recent<\/span> lawsuit filed by Gemini accuses Genesis<\/span><\/a> of failing to honor a $1.6 billion obligation in GBTC shares promised as collateral in the Gemini Earn program. <\/span>The New York Attorney General\u2019s allegations, emerging in October, accuse the Gemini Earn program of operating as an unregistered securities offering, further entangling the legal situation.<\/p>\n

<\/p>\n

Trustee Harrington has requested a 28-day notice period, a significant demand to guarantee creditors sufficient time to review and vote on the revised disclosure. This action marks a concerted effort to foster transparency and fairness in the bankruptcy proceedings, emphasizing the trustee\u2019s commitment to protecting creditor interests.<\/p>\n

Read Also: <\/b>Dormant Bitcoin Whales Move 6,500 BTC Worth $230M<\/span><\/a><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\"\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\"<\/div>\n
Twitter is now worth just 33% of Elon Musk\u2019s purchase price <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"will_cramer_curse_strike_again_720\"\"will_cramer_curse_strike_again_720\"<\/div>\n
Will Cramer Curse Strike Again? <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720\"\"mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720\"<\/div>\n
Mercedes Benz To Release NFT Collection With Fingerprints DAO <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

A representative for the U.S. government has voiced concerns over recent amendments made by Genesis in their bankruptcy proceedings. William Harrington, serving the Department of Justice, has identified substantial modifications to the terms previously agreed upon by the debtors in their restructuring plan. Harrington\u2019s primary contention hinges on overhauling the sale strategy initially proposed. He […]<\/p>\n","protected":false},"author":2,"featured_media":186113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-186112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=186112"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186112\/revisions"}],"predecessor-version":[{"id":186115,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186112\/revisions\/186115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/186113"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=186112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=186112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=186112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}