Genesis begins distributing $4 billion worth of cryptocurrency and cash to creditors

ChainCatcher news, according to The Block, the cryptocurrency lending institution Genesis Global, which filed for bankruptcy in January 2023, announced that it has completed its restructuring process this Friday and has begun distributing approximately $4 billion worth of digital assets and dollars to repay creditors.

When it filed for bankruptcy last year, Genesis disclosed that it had over 100,000 creditors and liabilities of up to $10 billion. The company owes its top 50 creditors about $3 billion, including the cryptocurrency exchange Gemini, asset management firm VanEck, and trading company Cumberland.

On average, Genesis creditors will recover 64% of their physical cryptocurrency repayments, with slight variations for each type of coin. Bitcoin creditors will recover 51.28% of BTC, while Ethereum and Solana creditors will recover 65.87% of ETH and 29.58% of SOL, respectively, and creditors of stablecoins or dollars will receive 100% of the missing funds. (The specific proportions of various assets have not yet been disclosed.)