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<ul class="wp-block-list news-points"> 
 <li>Genesis begins distributing approximately $4 billion in digital assets and cash to creditors.</li> 
 <li>Bitcoin creditors will receive 51.28% recoveries in-kind while Ethereum creditors receive.</li> 
 <li>The announcement coincided with a market drop, with Genesis-linked wallets moving 16,600 BTC and 166,300 ETH.</li> 
</ul>   
<a href="https://coinedition.com/genesis-digital-assets-eyes-us-ipo-amid-crypto-revival/">Genesis Global</a>, a cryptocurrency lender, and its affiliated companies have completed their bankruptcy restructuring process. As a result, they have started distributing approximately $4 billion in digital assets and cash to their creditors.   
According to a <a href="https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors" target="_blank" rel="nofollow">statement</a> released on Friday, Bitcoin (BTC) creditors can expect to receive 51.28% recoveries on an in-kind basis, while Ethereum (ETH) creditors will receive 65.87% recoveries.   
Altcoin creditors, excluding Solana, will receive an average of 87.65% recoveries, and Solana creditors will receive 29.58% recoveries. US dollar and stablecoin creditors will receive 100% recoveries in the form of US dollars.   
The completion of Genesis’ restructuring marks a significant milestone in the company’s journey since filing for bankruptcy in early 2023. The crypto lender’s downfall was one of several high-profile co…
The post <a href="https://coinedition.com/genesis-pays-out-4b-to-creditors-but-crypto-market-tanks/">Genesis Pays Out $4B to Creditors, but Crypto Market Tanks</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Genesis Pays Out $4B to Creditors, but Crypto Market Tanks

Coin Edition

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