How Genesis is Seeking Court Approval to Reduce Three Arrows Capital Claim to $33M

Web 3.0 in Genesis Bankruptcy Case

Genesis, the bankrupt cryptocurrency lender, has asked the court to approve its settlement with the imploded crypto hedge fund Three Arrows Capital (3AC). According to a Nov. 9 court filing, 3AC’s creditors will receive an allowed general unsecured claim of $33 million, which is 3.3% of the $1 billion claims initially made against Genesis.

The agreement between the two parties states that the 3AC debtor will receive the $33 million in full and complete satisfaction of the $1 billion claims. This amount is the largest of the claims made in Chapter 11 cases associated with the FTX exchange collapse.

Genesis also noted that 3AC was one of its largest borrowers from 2020 to 2022, up until its collapse. This highlights the importance of Web 3.0 tokens and the benefits of the Web 3.0 business model for companies looking to invest in the top Web 3.0 tokens and make use of the dynamic Web Module 3.0 requiring Java 1.6 or newer.

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Genesis has proposed a settlement to drop all of its claims and entitlements to AVAX (AVAX) and NEAR (NEAR) tokens in favor of the 3AC debtor. The settlement would reduce the risks and expenses associated with lawsuits and provide a smoother path for the Chapter 11 reorganization plan.

The document filed with the US Bankruptcy Court for the Southern District of New York has to be approved by Judge Sean Lane. Creditors can object to the settlement until Nov. 24, with a hearing scheduled for Nov. 30.

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As the one-year anniversary of the FTX exchange collapse approaches, the cryptocurrency industry has been dragged into a deep bear market. Genesis and 3AC are among the many companies that have been impacted by the FTX failure, with the former’s derivatives business losing access to $175 million locked on FTX.

The emergence of Web 3.0 has brought with it a new business model that offers a range of advantages. A number of top Web 3.0 companies have emerged, and many are wondering how Web 3.0 will impact business. Investors are eager to know how they can get involved in Web 3.0, and what the top Web 3.0 tokens are. The Dynamic Web Module 3.0 requires Java 1.6 or newer.