Genesis creditors file to restrict bankrupt’s firm intercompany transactions

Genesis’ unsecured creditors panel has challenged the bankruptcy’s lender’s request to continue the intercompany transaction, according to a Feb. 20 court filing.

a creditor claimed Genesis’ request raises various concerns with the Commission, as previous intercompany transactions are being investigated.

Genesis creditors said the bankrupt company has not yet provided relevant information, such as crypto wallet addresses, to help investigate previous transactions, and as such cannot confirm the basis for the recent claims.

“The Commission acknowledges that intercompany financing may be more cost-effective and maximizes value for unsecured creditors. and have not been provided with the information necessary to evaluate the requested relief.”

Genesis’ creditors said the court would bar all transactions between the companies and “provide reports and information necessary to track cash outflows and movements of debtors’ digital assets, including cryptocurrency wallet addresses.” I would like to oblige you.

Gemini co-founder Cameron Winklevoss says business-to-business deals between Genesis and its parent company Digital Currency Group (DCG) are one reason the company is in a deep financial hole. He emphasized that one

However, DCG countered that there is a clear separation between itself and its subsidiaries.

Posts filed by Genesis creditors to restrict bankruptcy business-to-business transactions first appeared on CryptoSlate.

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