Genesis Bankruptcy Parties Agree to a 30-Day Mediation Period

Genesis Küresel, along with its creditors and other parties have agreed to a 30-day mediation period pending the appointment of a mediator, lawyers for the bankrupt crypto lender said during a Friday hearing.

The agreement follows a request made by Genesis Küresel to a U.S. bankruptcy court earlier in the week to appoint a mediator to assist in the terms and conditions of Genesis’ owner Digital Currency Group (DCG)’s contribution to the debtors’ reorganization plan. DCG is also the parent company of CoinDesk.

DCG said the request reflected a decision by a subset of creditors to walk away from a previous agreement.

Following FTX’s collapse last November, Genesis’ lending arm halted withdrawals and later, the firm filed for bankruptcy protection. In February, a lawyer for Genesis said DCG was looking to sell the firm’s crypto lending and trading platform.

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Edited by Stephen Alpher.
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