Genesis Started Selling 4 Billion Dollars: Investors Who Hold These Coins Will Get Paid!

Bankrupt cryptocurrency company Genesis will distribute billions of dollars of crypto money as part of the liquidation process.

Genesis' bankruptcy process has completed its paper part and it is time for $4 billion worth of cryptocurrency to be distributed to creditors. Genesis, which received all approvals from the court for the sale last May, transferred Bitcoin and Ethereum worth $1.5 billion on August 2 to wallets thought to be related to the creditor payment.

The company holds a total of $4 billion worth of Bitcoin and Ethereum.

When it filed for bankruptcy last year, Genesis announced that it had more than 100,000 creditors and owed as much as $10 billion.

Since Genesis has too many creditors, both individual and corporate, it will not be able to make full repayments. These payment percentages will vary depending on the cryptocurrency of the payee.

While Bitcoin creditors will be able to get back 51.28% of their assets, Ethereum creditors will be able to get back 65.87% of their assets. For Solana, the payback rate will be only 29.58%.

In the statement made by Genesis, the following statements were made:

Creditors will be entitled to additional refunds following the initial distribution, subject to ongoing claim settlement, contractual rights against third parties, and litigation outcomes.