Share this article
Genesis, Three Arrows Capital Reach Agreement on $1B of Claims
The bankrupt crypto lender is seeking court approval to settle the claims with a $33 million payment to the defunct hedge fund, 3AC.
Updated Nov 13, 2023, 10:59 a.m. Published Nov 13, 2023, 10:59 a.m.
Bankrupt crypto lender Genesis has agreed to settle $1 billion in claims by defunct crypto hedge fund Three Arrows Capital (3AC) with a payment of $33 million, court documents show.
The hedge fund's collapse in June 2022 marked the first storm in a long crypto winter, and its claims against Genesis refer to transfers made prior to the lender's own bankruptcy in January. The deal, set out in a filing from Nov. 9, follows "extensive negotiations," between the parties, and Genesis is seeking a New York bankruptcy court's go-ahead to settle the claims.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"The 3AC Debtor shall receive an allowed general unsecured claim against [Genesis] in the amount of $33,000,000 in full and complete satisfaction of the more than $1 billion dollars in claims asserted against each of the Genesis Debtors," the document said, adding that the agreement will "mutually release each other from liability."
Genesis had also filed $1.2 billion in claims against 3AC in July 2022, and, in last week's filing, called the hedge fund one of its "largest borrowers between from 2020 to 2022, up until the time of its collapse."
A hearing on the proposed settlement is scheduled for Nov. 30.
Read more: Defunct Crypto Hedge Fund 3AC Insists on Taking Part in Genesis Mediation
Plus pour vous
Ce qu'il:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
A16z Crypto to Open Seoul Office, Hire Sungmo Park to Lead Asia Efforts
Andreessen Horowitz's crypto venture capital unit pointed to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.
What to know:
- Venture fund a16z crypto is opening its first office in Asia, located in Seoul, and named Sungmo Park to lead it.
- The Seoul office aims to build partnerships and accelerate community growth across the region.
- South Korea's active onchain community and developer ecosystem probably influenced the fund's decision to choose Seoul over other Asian financial hubs.
Top Stories
