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Home»ADOPTION NEWS»Genesis Completes Bankruptcy Restructuring, Begins $4 Billion in Crypto and Cash Distributions
ADOPTION NEWS

Genesis Completes Bankruptcy Restructuring, Begins $4 Billion in Crypto and Cash Distributions

By Crypto FlexsAugust 3, 20243 Mins Read
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Genesis Completes Bankruptcy Restructuring, Begins  Billion in Crypto and Cash Distributions
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Genesis Global and its affiliates announced Friday that they had completed restructuring proceedings after filing for Chapter 11 protection in January 2023. The company also began distributing about $4 billion worth of digital assets and U.S. dollars to repay creditors. Press release.

When Genesis filed for bankruptcy last year, it said it had more than 100,000 creditors and was $10 billion in debt. It owed about $3 billion to its top 50 creditors, including cryptocurrency exchange Gemini, asset manager VanEck, and trading firm Cumberland.

Wallets connected to Genesis began transferring $1.5 billion worth of bitcoin and ether on Friday. As previously reported by The Block:The company said it has provided instructions to creditors on how to receive the funds.

On average, Genesis Creditors recover 64% of the spot cryptocurrency redemption, but this varies from coin to coin. Bitcoin Bitcoin

-3.24%
Creditors will receive 51.28% of the Bitcoins returned. Ethereum

-3.74%
Creditors 65.87% and Solana brush

-6.15%
Creditors 29.58%. Those who owe stablecoins or US dollars will receive 100% of the missing funds, the company said.

“Creditors may be entitled to additional recoveries after the initial distribution, depending on pending claims adjustments, contractual rights against third parties, and the outcome of litigation,” the company wrote.

In May, Gemini announced that it had received a full payment from Genesis, which had been in charge of managing the assets of Genesis’ “Earn” product, which was shut down after Genesis’s insolvency.

Genesis is just one of many companies that have been affected by the market contagion that has spread since the 2022 market downturn. Over-leveraged and poorly managed companies have started defaulting on their debts since Terra’s collapse, ultimately leading to the most catastrophic failure of the FTX cryptocurrency exchange.

Initially hurt by the collapse of the Three Arrows Capital hedge fund, Genesis was buoyed by a loan and $1.1 billion in promissory notes from its parent company, Digital Currency Group. But further losses after the collapse of convicted fraudster Sam Bankman-Fried’s Alameda Research led to Genesis halting withdrawals and going bankrupt.

DCG and Genesis are currently embroiled in a civil lawsuit brought by New York Attorney General Letitia James, who claims the two companies defrauded investors by lying about Genesis’ ability to pay and hiding balance sheet vulnerabilities.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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