Genesis Settles $1 Billion Claims with 3AC for a “Pocket Change” of $33 Million

Genesis and Three Arrows Capital Settle $1B in Claims Through Agreement

Genesis and Three Arrows Capital agree on $1 billion of claims.

A Comedy of Crypto Errors

In a hilarious turn of events, bankrupt crypto lender Genesis has agreed to settle $1 billion in claims by the defunct crypto hedge fund Three Arrows Capital (3AC) with a measly payment of $33 million. It’s like paying off a massive debt with the change you found under your couch cushions!

The First Storm of the Crypto Winter

Back in June 2022, the collapse of 3AC marked the beginning of a long and treacherous crypto winter. Now, they’re trying to get some cash back from Genesis for transfers made before the lender itself went bankrupt in January. But let’s be honest, it’s like trying to squeeze blood from a stone.

Negotiations that Must Have Felt Like Life Sentence

After what must have felt like years of negotiations, Genesis and 3AC have finally come to an agreement. A filing from Nov. 9 spills the beans on the deal, seeking the go-ahead from a New York bankruptcy court. But can you imagine the relief of both parties when they realized they could put this whole mess behind them?

A Drop in the Crypto Ocean

According to the official document, 3AC will receive a whopping $33,000,000 from Genesis to satisfy their claims. This is quite a bargain considering it’s just a fraction of the $1 billion they were initially after. It’s like asking for a yacht and getting a dinghy instead, but hey, it’s better than nothing!

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The Circle of Claims

In an ironic twist, Genesis had also filed a hefty $1.2 billion in claims against 3AC back in July 2022. They called the hedge fund one of their “largest borrowers,” but we all know what happens when the borrower can’t pay. It’s like lending money to your broke cousin and hoping they’ll pay you back one day. Spoiler alert: they never do.

Judgment Day: Nov. 30

The final act of this crypto comedy will unfold on Nov. 30 when a hearing is scheduled for the proposed settlement. Will the judge give the thumbs up? Will they all walk away with a sigh of relief? Stay tuned for the grand finale of this courtroom sitcom!

Read More and Join the Show

If you can’t get enough of crypto drama, check out “Defunct Crypto Hedge Fund 3AC Insists on Taking Part in Genesis Mediation” for more juicy details. And don’t forget to grab your popcorn and root for your favorite crypto heroes as they navigate the treacherous waters of the digital asset world.

Edited by Sheldon Reback. Because everyone needs an editor, even in the world of crypto shenanigans.

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