"Genesis Capital Seeks Approval for $1.6 Billion Crypto Asset Sale"

Bankrupt crypto lender Genesis seeks approval to sell over $1.6 billion in bitcoin, ether, and ethereum classic held in Grayscale's trust products, potentially adding significant selling pressure on the market. The assets include $1.4 billion in Grayscale Bitcoin Trust, $165 million in Grayscale Ethereum Trust, and $38 million in Grayscale Ethereum Classic Trust. Genesis owes over $3.5 billion to its top 50 creditors, including Gemini, and its bankruptcy has affected more than 100,000 users who are owed between $1 billion and $10 billion.