Genesis Global, a bankrupt crypto lending firm, received court approval to liquidate approximately $1.6 billion in Grayscale cryptocurrency trust shares, including Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust, to settle debts with creditors. The sale is crucial for reimbursing clients and avoiding monthly fees. Despite objections from its parent company, Digital Currency Group (DCG), the court dismissed concerns about proceeding without a comprehensive bankruptcy strategy. Genesis aims to wind down operations and repay clients in cash or cryptocurrency. Settlements with the SEC and NY Attorney General prioritize customer repayment, with the SEC to receive a $21 million penalty from any residual funds.