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Genesis's first hearing begins today

Genesis's case isn't expected to take long, according to court documents.

By Finst News
• 3 min read
Genesis's first hearing begins today

Genesis's case is not expected to take long, according to court documents. The company aims to wrap up the bankruptcy as early as May.

Following the bankruptcy filing from last Friday, the Genesis case moves forward. The court documents on the bankruptcy of the lending service show that the first hearing is scheduled today. The goal is to wrap the process as quickly as possible. Genesis plans to come out of bankruptcy by May 19 of this year.

Parent company owes $1.65 billion to its subsidiary

According to the documents, the company has about $3.5 billion in liabilities. This includes $900 million in claims from Gemini, the crypto exchange owned by Cameron and Tyler Winklevoss. The documents also show that the parent company Digital Currency Group (DCG) owes its subsidiary about $1.65 billion. Of that, $575 million is due in May. Another $1.1 billion would be due in 2032.

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