Judge Blocks DCG from Changing Genesis Ownership During Bankruptcy

A judge has ruled that Digital Currency Group (DCG) is prohibited from making any ownership changes with Genesis until the latter exits bankruptcy. This decision ensures that Genesis remains protected under DCG’s tax consolidated group, providing specific benefits to the institutional-focused crypto lender during its bankruptcy proceedings. The ruling is in effect until the occurrence of the effective date of a Chapter 11 plan or the potential conversion of bankruptcy to a Chapter 7 case, which would involve liquidation. Genesis had filed the motion in November, emphasizing the importance of maintaining DCG’s stake above 80% to protect potential value. (Source: Blockgo.co)