Genesis has successfully concluded its restructuring and begun distributing about $4 billion in digital assets and cash to its creditors, according to a statement on August 2.
Creditors will receive an average of 64% of their crypto claims, though this varies by cryptocurrency. Bitcoin holders will get back 51.28% of their holdings, Ethereum creditors 65.87%, and Solana holders 29.58%. Other altcoin holders will recover 87.65%, while those owed stablecoins or US dollars will be paid in full.
There is potential for creditors to receive additional funds based on ongoing claims reconciliation, contractual rights, and the outcomes of litigation.
Genesis has also created a $70 million litigation fund to pursue claims against various third parties, including its parent company, Digital Currency Group. This fund includes $26 million in Bitcoin, $13 million in Ethereum, and $31 million in cash.
Mark Renzi from BRG has been appointed as the plan administrator to oversee the wind-down process, with a new board of directors also being established.
This marks the end of a bankruptcy process that began in January 2023, prompted by significant losses from the FTX exchange collapse. At that time, Genesis reported owing over $3.5 billion to its top 50 creditors.
Recent on-chain data indicates that Genesis has started repaying creditors, including a $19.9 million Ethereum transfer to a wallet linked to Mark Cuban. Prior to this, Genesis moved 16,600 BTC and 166,300 ETH on August 2 to settle other claims, as reported by blockchain analysis platform Lookonchain. The repayment process began earlier in the week, with Genesis transferring around $3 billion in crypto assets over three days.
The first week of July brought notable advancements in crypto infrastructure, governance, and trading.
Europe’s reluctance to embrace stablecoins and blockchain technology could erode its monetary sovereignty and marginalize the euro in the next phase of global finance, according to former European Central Bank board member Lorenzo Bini Smaghi.
Toncoin (TON) has unveiled an exclusive partnership with the United Arab Emirates (UAE) to offer users a path to the coveted 10-year UAE Golden Visa—through crypto staking.
Bo Hines, the U.S. President’s Chief Advisor on Digital Assets, believes that upcoming stablecoin legislation could catapult the digital asset market to unprecedented heights. In a recent statement,