The bankruptcy process of cryptocurrency firm Genesis continues and billions of dollars of crypto assets are being prepared to be distributed to creditors. The company has successfully completed the administrative phase of the bankruptcy case and is now busy allocating $4 billion worth of cryptocurrency to its creditors.

In May, Genesis received the necessary court approvals for the sale process, and on August 2, it transferred $1.5 billion worth of Bitcoin and Ethereum to wallets determined to be linked to creditor payments. This first step marks the beginning of the process by which the firm will distribute a significant portion of its remaining crypto assets to creditors.

At this stage of the bankruptcy process, Genesis will return approximately $4 billion worth of Bitcoin and Ethereum to its creditors according to special distribution rates. The expected recovery rate for Bitcoin creditors will be 51.28% and for Ethereum creditors will be 65.87%. However, the recovery rate for Solana creditors will remain at 29.58%, reflecting differences in Solana's market value and position.

Despite the large amounts distributed, Genesis will not be able to pay all its debts in full because the number of creditors is quite large and the total debt amount exceeds 10 billion dollars. In such large-scale bankruptcy transactions, the limitations of repayment rates and the difficulties encountered are noteworthy. However, there may be the potential for additional refunds in connection with claim settlements, third-party contract rights and legal processes. Therefore, creditors may receive additional distributions after this initial phase.

Genesis' move to distribute $4 billion worth of cryptocurrency marks a significant development in one of the largest bankruptcy proceedings in the history of the crypto industry. This process is seen as an important step in addressing the claims of more than 100,000 creditors. Despite the challenges and limitations on repayment rates, initial distributions demonstrate Genesis' commitment to resolving debt. Future distributions could cushion the financial impact and provide a clearer outlook as more funds are released through legal and financial maneuvers.

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