TechFlow reported, according to The Block, Genesis Global and its related entities announced the completion of bankruptcy restructuring on Friday (August 2). Having filed for bankruptcy protection in January 2023, the company has now begun distributing approximately $4 billion in digital assets and U.S. dollars to repay creditors.
When filing for bankruptcy last year, Genesis disclosed over 100,000 creditors and liabilities as high as $10 billion. The firm owed about $3 billion to its top 50 creditors, including cryptocurrency exchange Gemini, asset management firm VanEck, and trading company Cumberland.
On average, Genesis creditors will recover 64% of their claims in-kind, with variations across different cryptocurrencies. Bitcoin creditors will recover 51.28% of their BTC, Ethereum and Solana creditors will recover 65.87% of their ETH and 29.58% of their SOL respectively, while stablecoin or USD creditors will receive 100% of their missing funds.
