Genesis lawyer Sean O'Neill told Monday's hearing he objected to DCG taking a "cut" of client recoveries and said DCG should not step in and take a cut of "client assets". Genesis has previously said that under its plan, creditors expect recovery rates of up to 77%, although that figure depends on whether the plan is approved by a judge.
It is reported that DCG wants customers’ claims to be based on cryptocurrency prices when Genesis filed for bankruptcy in early 2023. The parent company claims that the current plan "will pay unsecured creditors hundreds of millions of dollars more than the full amount claimed on the date of their filing." (Blockworks)