Techub News reported that according to The Block, Genesis Global, a cryptocurrency lender that filed for bankruptcy in January 2023, announced that it had completed its restructuring process on Friday and has begun distributing approximately $4 billion worth of digital assets and U.S. dollars to repay creditors.
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When it filed for bankruptcy last year, Genesis disclosed that it had more than 100,000 creditors and liabilities of up to $10 billion. The company owed about $3 billion to its top 50 creditors, which include cryptocurrency exchange platform Gemini, asset manager VanEck and trading firm Cumberland.
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On average, Genesis creditors will receive 64% of their repayments in physical cryptocurrency, with slight variations for each currency. Bitcoin creditors will receive 51.28% of their Bitcoin, Ethereum and Solana creditors will receive 65.87% of their Ethereum and 29.58% of their Sol, respectively, while creditors in stablecoins or USD will receive 100% of their missing funds.
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