Genesis requested a new timeline to sell its assets & new extended date for the creditors to claim the funds on the platform.
Genesis was a popular crypto pending platform but its exposure to the FTX crypto exchange resulted in a very big financial loss for this platform. On 19 Nov 2022, FTX filed for bankruptcy, and later on 19 Jan 2023, Genesis filed for bankruptcy under the chapter 11 code in a New York-based bankruptcy court.
The recent court filing revealed that Genesis has requested a May 22 deadline for creditors to say how much they are owed by the company, and June 27 for an auction.
The sale of its business/assets will include Genesis Global Capital and Genesis Asia Pacific, as well as Genesis Global Trading. The third one was not part of bankruptcy but surely it will go through under its business sale plan, as a part to compensate the customers for the loss.
For all these new plans with precise timelines, the company urged the bankruptcy court in the Southern District of New York.
Digital currency group (DCG) & financial challenges
The digital currency group (DCG) is Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. This company is the owner of Genesis, Grayscale investment, Coindesk news media, Foundry, and Luno.
Under these critical situations, DCG is planning to sell Coindesk media partially or fully. So far, Cardano founder Charles Hoskinson showed interest in acquiring Coindesk.
Some reports also noted that Binance crypto exchange may acquire Coindesk but Binance CEO Changpeng Zhao (CZ) denied all such reports.
Binance might never plan to acquire Coindesk, as Binance already acquired the popular news website Cointelegraph just a couple of years ago.
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“22 May” maybe due for Genesis creditors to say how much they are owed