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On May 27, Binance, the major stakeholder in the South Korean cryptocurrency exchange Gopax, sold the victims’ asset claims for less than half of what they were originally worth. 
According to a Korea Economic Daily <a href="https://www.hankyung.com/article/202405238552g" target="_blank" rel="noreferrer noopener">article</a>, Gopax must pay consumers 70 billion won ($51.4 million) due to their involvement with the defunct crypto lender Genesis Global, which went bankrupt in November 2022. Gopax has already paid users 50% of the total. 
Nevertheless, the remaining outstanding digital assets, which were valued at 35 billion at the November 2022 peak of the cryptocurrency market, are said to have increased to a total of 100 billion won at a Bitcoin price of $69,000. 
According to a March Korean Times <a href="https://www.koreatimes.co.kr/www/nation/2024/05/602_370751.html" target="_blank" rel="noreferrer noopener">article</a>, Gopax’s increased debt obligations have left the company in a “state of complete capital impairment.”&nbsp;&nbsp; 
The company behind Gopax’s cryptocurrency custody service GoFi was Genesis, which stopped accepting withdrawals after discovering that it had a $1.2-billion exposure to the doomed Singaporean hedge fund Triangle Capital.&nbsp; 
In an interview with Korean Economic Daily, a source said, “We paid with Bitcoin obtained by selling the Genesis claim at a low price to a third party, and we are delaying payment of the remaining 50% of the damage, saying we will pay it after the acquisition of Gopax is completed.” 
Binance acquired a “meaningful” equity stake in Gopax in February 2023, bringing the cryptocurrency exchange back to the South Korean market. But, in February 2024, it also declared that it would reduce its <a href="https://www.cryptotimes.io/2024/01/31/binance-plans-stake-reduction-in-south-korean-exchange-gopax/" target="_blank" rel="noreferrer noopener">ownership stake in the exchange</a>. 
However, the acquisition was put on hold by a lawsuit filed by the US Securities and Exchange Commission against Binance on June 7, 2023. This prompted the Financial Service Committee of South Korea to evaluate the agreement.&nbsp; 
<a href="https://www.cryptotimes.io/2024/05/18/genesis-global-returns-3-billion-to-crypto-clients/" target="_blank" rel="noreferrer noopener">Genesis received $3 billion</a> in bankruptcy court approval earlier this month to pay back its creditors using cash and Bitcoin.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/24/binance-burns-over-59b-terra-luna-classic-lunc-tokens/" target="_blank" rel="noreferrer noopener">Binance Burns Over $59B Terra Luna Classic (LUNC) Tokens</a> 
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Binance Affiliate Gopax Offloads Genesis Claims

The Crypto Times

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