Digital Currency Group Alleges Bankruptcy Code Violations, Calls For Revamp Of NYAG And Genesis Settlement
Summary
Digital Currency Group (DCG) contests the settlement agreement with the New York Attorney General’s office, alleging violations of the Bankruptcy Code by Genesis Capital. DCG claims the proposed settlement unfairly favors the NYAG and unsecured creditors, violating the absolute priority rule. It argues that the bankruptcy plan disenfranchises equity interests and restricts DCG’s rights as an equity holder. DCG urges the court to reject Genesis’ plan and seeks a resolution adhering to the Bankruptcy Code. The cryptocurrency market's total capitalization is $1.89 trillion, with Bitcoin trading at $50,800 and commanding a 52.88% market share.
