Genesis Completes its Restructuring Process
On Friday, Genesis Global and its related entities announced the successful completion of their restructuring process, which began with a bankruptcy protection filing in January 2023.
As part of this process, the firm has begun distributing a total of $4 billion worth of digital assets and US. dollars to repay creditors. Over 100,000 creditors were involved, with total liabilities amounting to $10 billion.
The top 50 creditors, including major names such as Gemini, VanEck, and Cumberland, were owed approximately $3 billion.
As reported earlier, wallets connected to Genesis have already started transferring $1.5 billion in Bitcoin and Ether to creditors. While the average repayment for creditors will be 64% in cryptocurrency, the specific amounts will vary depending on the coin: Bitcoin creditors will receive 51.28%, Ethereum creditors 65.87%, and Solana creditors 29.58%.
