TechFlow news: The U.S. government stated that the latest bankruptcy plan submitted by cryptocurrency lending firm Genesis represents a significant change in direction, as the company now seeks to liquidate its assets rather than restructure.
This shift follows a lawsuit filed by the New York Attorney General against Genesis and its parent company, Digital Currency Group (DCG), and could lead to delays in the liquidation process.
The bankruptcy case involves disputes over more than $1.65 billion that Genesis allegedly owes DCG. Last week, Genesis stated that transactions involving DCG were no longer viable due to allegations of investor fraud tied to DCG, Genesis, and their partner Gemini.
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