Genesis seeks court approval for settlement with Three Arrows Capital over $33M claim

Cryptocurrency lender Genesis has requested court approval for a proposed settlement agreement with Three Arrows Capital (3AC), which had claimed $1 billion against Genesis debtors. Genesis has proposed that 3AC receive an allowed general unsecured claim against Genesis for $33 million, which accounts for 3.3% of the original claims. Genesis has also proposed relinquishing all claims and entitlements to Avalanche and Near Protocol tokens in favour of 3AC. The proposed settlement agreement requires approval from Judge Sean Lane and objections from creditors can be made until 24 November, with a hearing scheduled for 30 November.