Big news in the crypto world: Genesis Global and its affiliates have officially begun disbursing a staggering $4 billion to over 100,000 creditors as part of their restructuring process. 🏦💸
Key Highlights:
🔹 Repayment Breakdown: Creditors are seeing an average recovery of 64% of their pre-bankruptcy value. Here’s the breakdown:
Bitcoin (BTC): 51.28%
Ethereum (ETH): 65.87%
Solana (SOL): 29.58%
Stablecoins & USD: 100% recovery! 💯
🔹 Payment Methods: Repayments are being made in both crypto and cash, reflecting Genesis’s earlier move of $3 billion in digital assets.
🔹 Future Prospects: The statement hints at more recoveries to come, depending on ongoing claims reconciliation and possible litigation outcomes.
The Backstory:
Genesis Global’s collapse in early 2023 was a major event in the crypto industry. Triggered by the Terra disaster and the subsequent fallout impacting firms like Three Arrows Capital and FTX, Genesis was forced to halt withdrawals and file for bankruptcy. 😔🔗
Despite financial aid from its parent company, Digital Currency Group (DCG), the crisis deepened with legal challenges from crypto exchange Gemini and a lawsuit from New York Attorney General Letitia James. The legal battle concluded with a $2 billion settlement, and Genesis is now focusing on its restructuring with a $70 million litigation fund aimed at recovering more assets. ⚖️💼
Why This Matters:
For creditors and crypto enthusiasts alike, this is a critical moment to observe how restructuring processes can unfold and the impact they have on recovery rates. It also offers insights into how the broader crypto industry deals with financial crises and legal battles. 📊
🔍 What are your thoughts on Genesis Global’s recovery efforts? Are you hopeful for further payouts, or do you think there are more twists ahead? Drop your comments and upvote if you find this update insightful! 👍👇
Stay tuned for more updates and discussions right here on Steemit! 🌐💬
For a deeper dive into the details, check out the full article here: https://www.coinspotlight.net/genesis-concludes-bankruptcy-with-4b-creditor-payout/