Saturday, July 26, 2025
  • Login
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Genesis Chapter Plan Faces Criticism As DCG Alleges ‘Overpayment’ Of Buyer Claims

by SB Crypto Guru News
February 7, 2024
in Crypto Updates
Reading Time: 3 mins read
0 0
A A
0


In a latest improvement, Digital Forex Group (DCG), the mother or father firm of bankrupt crypto lender Genesis Capital, has objected to Genesis’ chapter plan, arguing that it violates the Chapter Code. 

DCG’s objection facilities round Genesis’ proposal to pay prospects greater than they’re legally entitled to, a transfer that DCG believes “unfairly” favors a choose group of collectors and strips DCG of priceless financial and company governance rights.

Digital Forex Group Challenges Genesis Chapter Plan

DCG’s objection, filed on February 5, argues that whereas it might assist a plan that pays collectors the complete worth of their claims, the present proposal goes past that, leading to unsecured collectors receiving “tons of of hundreds of thousands of {dollars}” greater than their petition date claims. 

In keeping with DCG, it is a clear violation of the Chapter Code’s necessities for confirming a cramdown plan, which states that senior lessons mustn’t obtain greater than the complete worth of their claims, and distributions should adjust to absolutely the precedence rule.

The objection additional factors out that the proposed plan permits sure unsecured claims to develop exponentially as the worth of Genesis’ belongings will increase, notably within the case of cryptocurrencies. 

DCG argues that this distribution scheme, known as the Distribution Rules, permits senior collectors to be the only beneficiaries of any appreciation within the worth of the belongings. DCG maintains that such a distribution assemble is illegal and exceeds what the Chapter Code permits.

Preferential Remedy Of Unsecured Collectors?

Within the movement filed on Monday, DCG additional alleges that Genesis’ chapter plan was developed by a “clandestine course of” that excluded Digital Forex Group. 

The objection claims that the UCC (Unsecured Collectors Committee) and Advert Hoc Group, in collaboration with Genesis, devised a plan that “disenfranchises” fairness pursuits and favors basic unsecured collectors. DCG contends that this course of violates the Debtors’ fiduciary duties and demonstrates a “lack of fine religion.”

DCG’s objection additionally highlights different benefits granted to sure collectors, together with post-petition rates of interest not acknowledged by the courtroom and restrictions on DCG’s rights because the fairness holder. 

The objection asserts that these provisions additional diminish Digital Forex Group’s pursuits and contradict the Chapter Code.

DCG maintains that Genesis’ proposed chapter plan fails to adjust to the Chapter Code and was not proposed in good religion. 

DCG argues that fairness holders and different stakeholders are deprived whereas a small group of highly effective collectors profit disproportionately. Consequently, DCG urges the courtroom to reject the plan and calls for a good and equitable decision that adheres to the necessities of the Chapter Code.

Genesis
The each day chart exhibits the whole crypto market cap’s valuation at $1.6 trillion. Supply: TOTAL on TradingView.com

Featured picture from Shutterstock, chart from TradingView.com



Source link

Tags: allegesBankruptcyBitcoin NewsclaimscriticismCrypto NewsCrypto UpdatesCustomerDCGFacesGenesisLatest News on CryptooverpaymentplanSB Crypto Guru News
Previous Post

About $1,220,000,000 in Ethereum (ETH) Has Exited Identified Crypto Trade Wallets in Simply Three Weeks: Analyst

Next Post

CleanSpark publicizes acquisition of 4 Bitcoin mining amenities

Related Posts

Citi’s Bullish Bitcoin Outlook: 5,000 by 2025’s End

Citi’s Bullish Bitcoin Outlook: $135,000 by 2025’s End

by SB Crypto Guru News
July 26, 2025
0

Citigroup projects bitcoin could reach $135,000 by the end of 2025 in its base-case scenario, driven by strong demand from...

Ethereum Validator Exit Queue Explodes To 521,000 ETH ATH, What This Means

Ethereum Validator Exit Queue Explodes To 521,000 ETH ATH, What This Means

by SB Crypto Guru News
July 26, 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Ethereum staking validator Everstake has announced that...

Revolut Restarts Crypto Staking in Hungary Following Regulatory Review

Revolut Restarts Crypto Staking in Hungary Following Regulatory Review

by SB Crypto Guru News
July 25, 2025
0

Executive Interview with Costas Michael from Revolut Cyprus | iFX EXPO International 2025 Executive Interview with Costas Michael from Revolut...

Vietnam Launches NDAChain for National Digital ID System

Vietnam Launches NDAChain for National Digital ID System

by SB Crypto Guru News
July 25, 2025
0

Enjoyed this article? Share it with your friends! Vietnam has launched a national blockchain system to support the digital tools...

Snorter Presale Passes .2M — A Notable Altcoin in the Telegram Trading Bot Space

Snorter Presale Passes $2.2M — A Notable Altcoin in the Telegram Trading Bot Space

by SB Crypto Guru News
July 25, 2025
0

The crypto market has shown positive trends recently, with many coins experiencing gains. The global market cap has jumped to...

Load More
Next Post
CleanSpark publicizes acquisition of 4 Bitcoin mining amenities

CleanSpark publicizes acquisition of 4 Bitcoin mining amenities

Decoding the Future: Crypto Developments and Tasks to Watch in 2024 | by COINUPUP | The Darkish Aspect | Feb, 2024

Decoding the Future: Crypto Developments and Tasks to Watch in 2024 | by COINUPUP | The Darkish Aspect | Feb, 2024

Facebook Twitter LinkedIn Tumblr RSS

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.