Genesis Repayment Process Completed
Genesis has successfully finalized its restructuring process and has begun the distribution of approximately $4 billion in digital assets and US dollars to creditors, as per an announcement on Aug. 2.
Creditors are expected to recover an average of 64% of their crypto claims, with different percentages based on the type of coins. For example, Bitcoin holders will regain 51.28% of their holdings, Ethereum creditors will receive 65.87%, and Solana creditors will be paid 29.58%. Altcoin holders will receive 87.65% of their assets, while stablecoins or US dollar creditors will receive the full amount owed.
The company has also set up a $70 million litigation fund to pursue legal action against third parties, including its parent company, Digital Currency Group.
Repayment Details
Recent on-chain data from Arkham Intelligence shows that Genesis has begun repaying its creditors, with notable transactions such as $19.9 million in ETH sent to a wallet linked to Mark Cuban.
Earlier reports indicated that Genesis had moved significant amounts of BTC and ETH for creditor claims, reflecting the ongoing repayment process.
