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Learning & News => News related to Crypto => Topic started by: sirty143 on March 21, 2024, 12:07:04 AM

Title: Crypto Lender Genesis Requests US Bankruptcy Court to Approve ‘Settlement Princi
Post by: sirty143 on March 21, 2024, 12:07:04 AM

Crypto Lender Genesis Requests US Bankruptcy Court to Approve ‘Settlement Principle’

The insolvent cryptocurrency lender, Genesis, has petitioned a U.S. bankruptcy court to approve a proposed settlement principle announced on Feb. 28. According to an update, if the court approves the settlement, Genesis Earn users will... See more for yourself here (https://news.bitcoin.com/crypto-lender-genesis-requests-us-bankruptcy-court-to-approve-settlement-principle/).

Your opinion is greatly appreciated.

Title: Re: Crypto Lender Genesis Requests US Bankruptcy Court to Approve ‘Settlement Princi
Post by: Z-tight on March 22, 2024, 04:21:08 AM

I believe the bankruptcy court is going to approve this settlement request, so that Genesis can refund customers of their earn program who have been waiting for a long time now to receive their funds. For persons who do not understand what this settlement means, here is a part of the article that explains it:

Quote

“As a reminder, this settlement means, for example, that if you had lent one bitcoin in the Earn program (as of November 16, 2022 — the date Genesis suspended redemptions), you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program,” Genesis said.

So according to this, Genesis claims that they are not only going to refund earn users, but pay them whatever appreciation on their asset, if this truly happens, then it is good for the creditors.