A judge presiding over the bankruptcy case of insolvent crypto lender Genesis approved a motion to extend a mediation period between the lender and its creditors. LizKNapolitano reports
U.S. Bankruptcy Court Judge Sean Lane extended a mediation period between crypto lender Genesis and its creditors at a Monday bankruptcy hearing as tensions flared over the role Genesis’ parent company Digital Currency Group would play in the lender's restructuring.
The judge's order to extend the mediation period frustrated some of Genesis creditors, including the lender’s former business partner, crypto exchange Gemini. Genesis filed for bankruptcy in January in the Southern District of New York. Centralized cryptocurrency exchange Gemini froze withdrawals from accounts tied to its crypto lending product Gemini Earn last November after Genesis shuttered its operations following the multi-billion dollar collapse of one of its borrowers, crypto exchange FTX.
While sympathetic to the troubles of Genesis’ creditors, Judge Lane challenged their assumptions that the timeline of the mediation process would drag out the court's proceedings.
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