🖥Genesis Repayments to Creditors: Distributing $4 Billion in Crypto Assets
✅ Highlights:
⏩ Genesis Global and its related companies have begun repaying creditors, distributing approximately $4 billion in digital assets and cash.
⏩ Bitcoin creditors will receive 51.28% of their assets, while Ether creditors will receive 65.87%. Solana creditors will receive 29.58%.
Stablecoin and cash creditors will receive their investment back in full, reaching 100%.
⏩ A $70 million litigation fund has been established for creditors to pursue legal claims against third parties, including Genesis' parent company, DCG.
✅ Recent Updates:
⏩ The repayment of Genesis’ creditors marks a major milestone in its recovery from a challenging year that saw the collapse of major companies like Terra and FTX severely impact many investors.
⏩ Genesis has been involved in institutional lending and borrowing with companies like Gemini. The default of Three Arrows Capital caused major problems for the company, leading to a public spat between Gemini’s Cameron Winklevoss and DCG’s Barry Silbert, with allegations of mismanagement and fraud.
⏩ Earlier this year, Genesis settled a $21 million fine with the U.S. Securities and Exchange Commission (SEC) for selling unregistered securities.
Genesis’ debt repayment marks a significant step in the recovery process, after a volatile period in the crypto market in 2022.
🔗 Source: https://t.me/cryptoanalysisvn/1/1914
