Bitcoin

Ethereum

Solana

<ul><li>Genesis has completed its Chapter 11 restructuring and will disburse $4 billion to creditors.</li><li>Bitcoin and Ether creditors will receive significant recoveries, with Bitcoin at 51.28% and Ether at 65.87%.</li><li>A $70 million fund is established for creditors pursuing legal action against third parties, including DCG.</li></ul>According to a recent <a href="https://www.bloomberg.com/news/articles/2024-08-02/crypto-lender-genesis-completes-restructuring-begins-payouts" rel="noopener noreferrer nofollow">Bloomberg</a> report, <a href="https://cryptotale.org/genesis-wins-court-approval-for-1-3-billion-gbtc-liquidation-to-settle-investor-debts/" rel="noopener noreferrer nofollow">Genesis</a>, the institutional crypto lending firm that filed for bankruptcy in 2023, has announced the completion of its Chapter 11 restructuring plan. On August 2, the company revealed that it would distribute approximately $4 billion to creditors affected by the bankruptcy. This marks a great milestone in addressing the fallout from the 2022 crypto contagion.The restructuring plan outlines specific recovery rates for different types of creditors. Bitcoin (BTC) creditors will receive 51.28% of their claims, paid out in BTC. Similarly, Ether (ETH) creditors are set to recover 65.87% of their claims in ETH. Altcoin creditors will receive a notable 87.65% recovery of their digital assets. However, <a href="https://cryptotale.org/sec-keeps-solanas-security-status-uncertain-amid-binance-lawsuit-adjustments/" rel="noopener noreferrer nofollow">Solana</a> (SOL) creditors face a lower recovery rate of 29.58%, also paid out in SOL. Stablecoin and cash creditors will recover 100% of their losses in US dollars.At the time of <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">writing</a>, Bitcoin is valued at $61,467.29 experiencing a 4.60% plummet in the past 24 hours while Ethereum dropped 5.47% and is priced at $2,977.87. Concurrently, Solana is priced at $148.90 at the time of writing and has dipped 8.99% in the last 24 hours.<a href="https://cryptotale.org/genesis-completes-chapter-11-restructuring-and-disburses-4b/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Genesis Completes Chapter 11 Restructuring and Disburses $4B

CryptoTale

Other articles published on Aug 5, 2024

Elon Musk Reignites Legal Battle Against OpenAI CEO

7 Best ICOs To Invest In For August 2024: Generate Explosive Wealth

10x Research Report Highlights Concerns About US Economic Strength and Crypto Market

Justin Sun’s Crypto Position Liquidated: True or False?

Support for BlackRock from Sygnum Bank Manager! "Altcoins Except Bitcoin and Ethereum Have No Cha...

Crypto Market Records $1Billion Liquidations In Today’s Crash

Join our free newsletter for daily crypto updates!