Genesis Pays Out $4B to Creditors, but Crypto Market Tanks
- Genesis begins distributing approximately $4 billion in digital assets and cash to creditors.
- Bitcoin creditors will receive 51.28% recoveries in-kind while Ethereum creditors receive.
- The announcement coincided with a market drop, with Genesis-linked wallets moving 16,600 BTC and 166,300 ETH.
Genesis Global, a cryptocurrency lender, and its affiliated companies have completed their bankruptcy restructuring process. As a result, they have started distributing approximately $4 billion in digital assets and cash to their creditors.
According to a statement released on Friday, Bitcoin (BTC) creditors can expect to receive 51.28% recoveries on an in-kind basis, while Ethereum (ETH) creditors will receive 65.87% recoveries.
Altcoin creditors, excluding Solana, will receive an average of 87.65% recoveries, and Solana creditors will receive 29.58% recoveries. US dollar and stablecoin creditors will receive 100% recoveries in the form of US dollars.
The completion of Genesis’ restructuring marks a significant milestone in the company’s journey since filing for bankruptcy in early 2023. The crypto lender’s downfall was one of several high-profile co…
The post Genesis Pays Out $4B to Creditors, but Crypto Market Tanks appeared first on Coin Edition.
