Genesis Creditor Repayments Now Conducted With $4 Billion in Crypto Asset Distributed
Key Points:
- Genesis creditor repayments began with approximately $4 billion in digital assets distributed.
- Bitcoin and Ether creditors will recover 51.28% and 65.87% of their holdings, respectively, while Solana creditors will receive 29.58%.
Genesis Global and associated entities have finalized the bankruptcy restructuring process and begun distributing approximately $4 billion of digital assets and cash to creditors.
Read more: Gemini Announces $2.18 Billion Asset Return to Earn Users Following Genesis Settlement!
Genesis Creditor Repayments Conducted After 2 Years of Collapse
The Genesis creditor repayment marks a huge milestone for the embattled firm that took the path of bankruptcy earlier this year amidst the broader market takedown of 2022.
This means a recovery rate of 51.28% for Bitcoin creditors and a recovery rate of 65.87% on Ether, both on an in-kind basis. At the same time, Solana creditors will recover 29.58%. Most altcoin creditors will recover about 87.65% of their assets—with Solana as an exception.
A superiority class containing stablecoin and cash creditors will recover their investments 100%, dollar-for-dollar. In addition, there is a $70 million litigation fund for creditors to pursue legal claims against third parties, including Genesis’s parent company, DCG.
Genesis Recent Developments in Crypto Recoveries
The Genesis creditor repayments come after significant turmoil within the crypto sector, which has been accentuated by the collapse of Terra and FTX, thereby putting many investors in deep financial trouble.
Genesis participates in institutional lending and borrowing from firms such as Gemini. The default of Three Arrows Capital spelled major fallout for the firm. This then created a highly publicized spat between Gemini’s Cameron Winklevoss and DCG’s Barry Silbert, leveling accusations of mismanagement and fraud.
Earlier this year, Genesis settled a $21 million fine with the US Securities and Exchange Commission for selling unregistered securities. This comes after the Mt. Gox exchange began its repayment process to creditors, which is also worth billions in payouts.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Genesis Creditor Repayments Now Conducted With $4 Billion in Crypto Asset Distributed
Key Points:
- Genesis creditor repayments began with approximately $4 billion in digital assets distributed.
- Bitcoin and Ether creditors will recover 51.28% and 65.87% of their holdings, respectively, while Solana creditors will receive 29.58%.
Genesis Global and associated entities have finalized the bankruptcy restructuring process and begun distributing approximately $4 billion of digital assets and cash to creditors.
Read more: Gemini Announces $2.18 Billion Asset Return to Earn Users Following Genesis Settlement!
Genesis Creditor Repayments Conducted After 2 Years of Collapse
The Genesis creditor repayment marks a huge milestone for the embattled firm that took the path of bankruptcy earlier this year amidst the broader market takedown of 2022.
This means a recovery rate of 51.28% for Bitcoin creditors and a recovery rate of 65.87% on Ether, both on an in-kind basis. At the same time, Solana creditors will recover 29.58%. Most altcoin creditors will recover about 87.65% of their assets—with Solana as an exception.
A superiority class containing stablecoin and cash creditors will recover their investments 100%, dollar-for-dollar. In addition, there is a $70 million litigation fund for creditors to pursue legal claims against third parties, including Genesis’s parent company, DCG.
Genesis Recent Developments in Crypto Recoveries
The Genesis creditor repayments come after significant turmoil within the crypto sector, which has been accentuated by the collapse of Terra and FTX, thereby putting many investors in deep financial trouble.
Genesis participates in institutional lending and borrowing from firms such as Gemini. The default of Three Arrows Capital spelled major fallout for the firm. This then created a highly publicized spat between Gemini’s Cameron Winklevoss and DCG’s Barry Silbert, leveling accusations of mismanagement and fraud.
Earlier this year, Genesis settled a $21 million fine with the US Securities and Exchange Commission for selling unregistered securities. This comes after the Mt. Gox exchange began its repayment process to creditors, which is also worth billions in payouts.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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