Bankrupt crypto firm Genesis completes restructuring
In a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets.
Genesis, an institutional lending platform that filed for bankruptcy in 2023, announced the completion of its Chapter 11 restructuring plan on Aug. 2, and the disbursement of approximately $4 billion in funds to the injured parties.
As part of the plan, Bitcoin (BTC) creditors “will receive 51.28% recoveries as valued on an in-kind basis in the form of BTC,” and Ether (ETH) creditors will receive 65.87% recoveries paid out in the digital currency.
Most altcoin creditors will receive 87.65% recoveries of their digital assets, with Solana (SOL) being the notable exception. Creditors reclaiming SOL holdings will be subject to a 29.58% recovery rate, once again payable on an in-kind basis. Stablecoin and cash creditors are eligible to recoup 100% of their losses in the form of US dollars, according to the restructuring plan.
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Author: Vince Quill
