In a stark shift of strategy amid its bankruptcy proceedings, crypto lending heavyweight Genesis has signaled a new direction: opting for the liquidation of assets rather than pursuing a sale or reorganization. This updated blueprint, however, has hit a snag with the U.S. government casting a skeptical eye. Authorities have withheld support, pointing to significant gaps in the plan's disclosure on critical details, including how much creditors can expect to recover. This absence of transparency and notable alterations from the original proposal has raised eyebrows and added another layer of complexity to Genesis's ongoing financial saga. Stakeholders are now braced for a potentially prolonged liquidation process as the company navigates through choppy regulatory and financial waters.
