Genesis, an institutional lending platform that declared bankruptcy in 2023, has finalized its Chapter 11 restructuring plan, distributing around $4 billion to affected parties. Bitcoin creditors will receive 51.28% in BTC, Ether creditors 65.87% in ETH, and most altcoin creditors 87.65% in digital assets, except for Solana holders who will get 29.58% in SOL. Stablecoin and cash creditors can recover 100% in USD. A $70 million litigation fund has been set up for further legal actions against parties like Genesis' parent company, Digital Currency Group. Genesis faced issues after a default by Three Arrows Capital, causing tension between Gemini's Winklevoss and DCG's Silbert. Genesis also settled with the SEC for $21 million over unregistered securities. The incident highlights the need for compliance with securities laws in the cryptocurrency lending sector. Read more AI-generated news on: https://app.chaingpt.org/news