According to a Sunday filing, the defunct crypto hedge fund Three Arrows Capital (3AC) has requested to be included in the bankruptcy mediation process of crypto lender Genesis Global.
On May 1, Judge Sean Lane authorised Randall J. Newsome to oversee discussions about Genesis owner Digital Currency Group’s (DCG) contribution to any restructuring proposal.
Genesis attempted to extend Newsome’s mandate for another two weeks 30 days later. This provoked a tardy response from 3AC, which asserted claims totaling more than $1 billion for transfers made to Genesis before to bankruptcy.
“[Genesis’] mediation and plan negotiation efforts will be unable to address consensually the claims of all stakeholders and thereby maximize the value of the Debtors’ estates without the participation of the [3AC] Joint Liquidators,” according to the filing made by Russell Crumpler and Christopher Farmer, appointed to represent the 3AC wind-up in the British Virgin Islands, a CoinDesk report on this added.