Genesis, a defunct crypto lending platform, has begun the process of returning $4 billion in BTC, ETH, SOL, and cash to creditors

Genesis, a defunct crypto lending platform, has begun the process of returning $4 billion in BTC, ETH, SOL, cash and stablecoin to creditors

Genesis, a defunct crypto lending platform, announced on August 2, 2024 that is has completed its bankruptcy restructuring and has begun the process of distributing approximately $4 billion in digital assets and cash to creditors.

This marks another step in the aftermath of the company’s financial difficulties.

Genesis will return $4 billion to creditors, which covers 77% of customer claims.

The company has transferred substantial amounts of cryptocurrency, including approximately 32,256 BTC and 256,775 ETH, to various addresses as part of the restructuring process.

Creditors will receive recoveries on an in-kind basis:

BTC creditors will receive 51.28% recoveries.

ETH creditors will receive 65.87% recoveries.

Solana creditors will receive 29.58% recoveries

Altcoin creditors (other than Solana) will receive on average 87.65% recoveries.

US dollar and stablecoin creditors will receive 100% recoveries on an in-kind basis in the form of US dollars.

The completion of Genesis’s restructuring comes after a series of legal challenges, including a $2 billion settlement with the New York Attorney General and a $21 million fine from the US Securities and Exchange Commission.

This development is a part of the broader efforts to resolve the issues stemming from the last bear market that saw several crypto lenders facing financial difficulties. It’s also noteworthy that this distribution follows the repayments made by the bankrupt crypto exchange Mt. Gox.

For questions regarding the distributions, creditors can contact [email protected].