Genesis begins creditor repayments, distributing approximately $4 billion in digital assets. This marks a significant milestone in the firm’s financial restructuring after its collapse in 2022.
Points
- Genesis starts distributing $4 billion in digital assets to creditors.
- Bitcoin and Ether creditors recover 51.28% and 65.87% of their holdings, respectively.
- Solana creditors will recover 29.58% of their assets.
- Stablecoin and cash creditors recover 100% of their investments.
The Genesis creditor repayment marks a huge milestone for the embattled firm that took the path of bankruptcy earlier this year amidst the broader market takedown of 2022. Genesis begins creditor repayments with approximately $4 billion in digital assets distributed. This means a recovery rate of 51.28% for Bitcoin creditors and a recovery rate of 65.87% on Ether, both on an in-kind basis. At the same time, Solana creditors will recover 29.58%. Most altcoin creditors will recover about 87.65% of their assets—with Solana as an exception.
A superiority class containing stablecoin and cash creditors will recover their investments 100%, dollar-for-dollar. In addition, there is a $70 million litigation fund for creditors to pursue legal claims against third parties, including Genesis’s parent company, DCG.
Genesis Recent Developments in Crypto Recoveries
The Genesis creditor repayments come after significant turmoil within the crypto sector, which has been accentuated by the collapse of Terra and FTX, thereby putting many investors in deep financial trouble. Genesis’s asset liquidations and settlements add to the growing list of supply shocks for the crypto market, reflecting broader instability in the sector.
解説
- Pemulihan Aset: Genesis telah mulai mendistribusikan $4 miliar dalam bentuk aset digital kepada kreditornya, menandai langkah signifikan dalam restrukturisasi keuangan perusahaan setelah kebangkrutan.
- Tingkat Pemulihan: Kreditur Bitcoin dan Ether masing-masing memulihkan 51,28% dan 65,87% dari aset mereka, sementara kreditur Solana memulihkan 29,58%.
- Pemulihan Lengkap: Kreditur stablecoin dan uang tunai memulihkan 100% investasi mereka, memberikan jaminan penuh atas pengembalian dana mereka.