Bankrupt Crypto Firm Genesis Completes Restructuring 

Bankrupt institutional lending platform Genesis Global and its related entities have announced the completion of its Chapter 11 restructuring plan on Aug. 2.

The firm has also begun distributing approximately $4 billion worth of digital assets and U.S. dollars to repay creditors

According to the restructuring and recovery plan, Bitcoin creditors “will receive 51.28% recoveries as valued on an in-kind basis in the form of BTC,”

Ether creditors will receive 65.87% recoveries paid out in the digital currency and most altcoin creditors will receive 87.65% recoveries of their digital assets, with Solana being the notable exception. Specifically,

Solana creditors will be subject to a 29.58% recovery rate. Finally, stablecoin and cash creditors will receive 100% of their losses in the form of US dollars.

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