TechFlow reports that Digital Currency Group (DCG) is opposing the bankruptcy plan of its subsidiary, Genesis Global Capital, claiming the proposed payouts to customers exceed legally mandated amounts.
DCG argues that Genesis should compensate customers and creditors based on cryptocurrency values from January 2023. Genesis has proposed additional payments to account for recent price increases, which DCG contends violates U.S. bankruptcy law.
Genesis and Gemini Trust have failed to reach a settlement with DCG. The SEC has sued Genesis and Gemini Trust for illegally selling securities to investors.
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