Customer information decision pushed to April in Genesis bankruptcy
Quick Take
- A hearing to come to a decision as to what personal information should be disclosed in the Genesis bankruptcy case was adjourned on Thursday and postponed until early April.
- A creditor’s committee has argued the court should keep names, addresses and emails confidential, while the U.S. Trustee’s office has objected to redacting that information.
A decision over how to handle disclosure of Genesis customer information in the bankruptcy process will have to wait until at least next month.
Judge Sean Lane of the U.S. Bankruptcy Court for the Southern District of New York heard arguments on the sensitive subject of whether bankrupt crypto firm Genesis should disclose the names of institutional or individual creditors during a hearing on Thursday, but did not make a decision before the hearing closed.
Lane could make a decision when court reconvenes on the case in mid-April, or issue a written decision before then.
Genesis Global’s Official Committee of Unsecured Creditors has argued that the bankruptcy court should keep names, addresses and emails confidential, while the U.S. Trustee’s office objects to sealing or redacting that information. Jane VanLare, a lawyer for Genesis, said the firm wants to redact home addresses of institutional investors, during the hearing.
“We were made aware that there’s a number of creditors who are institutions, but whose business address is their home and they really share the same concerns relating to threats of kidnapping and personal safety,” VanLare said.
In a filing on March 23, the U.S. Trustee’s office argued the bankruptcy code provides “limited grounds for redacting information from bankruptcy court records.
“The public has a right of access to judicial records. Open access to court records is especially paramount to the integrity of the bankruptcy system because it demonstrates to creditors that the system is transparent and fair,” the U.S. Trustee’s office argued in the filing.
The Genesis bankruptcy is the latest to weigh the desire for transparency in the bankruptcy process with the more unique cybersecurity challenges of disclosing information of crypto customers and creditors. Similar arguments have taken place in the Celsius and FTX bankruptcies.
Genesis Global Holdco filed for Chapter 11 bankruptcy protection in January after financial blows following the collapses of crypto hedge fund Three Arrows Capital and exchange FTX and its associated companies last year.
In a separate crypto related bankruptcy case, a court required crypto lender Celsius last year to produce names and trading history of its platform’s users.
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