Cryptocurrency lending firm Genesis Global Capital has filed an urgent request with the United States Bankruptcy Court for the Southern District of New York, seeking approval to liquidate approximately $1.6 billion worth of assets held in Grayscale's Bitcoin, Ethereum, and Ethereum Classic investment trusts.
The ultimate goal is to raise as much capital as possible from the trust shares to pay back creditors waiting on Genesis' bankruptcy proceedings.
With cryptocurrency prices still depressed from the 2022 bear market, the timing of the sales will be critical. Crypto markets remain volatile, and a quick turnaround is optimal.
The court still needs to approve Genesis' liquidation request. However, the urgency and intent are clear - sell the concentrated trust assets quickly and carefully to maximize the funds available to distribute to creditors. The outcome of this proposed sale will be an important milestone in Genesis' path through bankruptcy.
Image credit: The Wolf of All Streets
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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