Genesis started the 4 billion sales: Investors who own these coins will receive payment! Genesis, the bankrupt cryptocurrency company, will distribute billions of dollars worth of cryptocurrency as part of the liquidation process. Genesis completed the paper part of its bankruptcy process and it's now time to distribute the $4 billion worth of cryptocurrency to the creditors. Genesis, which received all the necessary approvals for the sale from the court in May, transferred $1.5 billion worth of Bitcoin and Ethereum to wallets believed to be related to creditor payments on August 2nd. The company holds a total of 4 billion dollars worth of Bitcoin and Ethereum. When Genesis filed for bankruptcy last year, it disclosed that it had over 100,000 creditors and debts of up to 10 billion dollars. Genesis has too many creditors both individually and corporately, so it will not be able to fully repay. These payment percentages will vary according to the creditor's cryptocurrency. Bitcoin creditors will be able to recover 51.28% of their assets, while Ethereum creditors will be able to recover 65.87%. For Solana, the repayment rate will be only 29.58%. In the statement made by Genesis, the following expressions were included: Creditors will be entitled to additional repayment following the initial distribution, depending on ongoing claim settlements, rights arising from contracts with third parties, and the outcomes of legal proceedings. Stay tuned for new information
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Genesis started the 4 billion sales: Investors who own these coins will receive payment!
Genesis, the bankrupt cryptocurrency company, will distribute billions of dollars worth of cryptocurrency as part of the liquidation process.
Genesis completed the paper part of its bankruptcy process and it's now time to distribute the $4 billion worth of cryptocurrency to the creditors. Genesis, which received all the necessary approvals for the sale from the court in May, transferred $1.5 billion worth of Bitcoin and Ethereum to wallets believed to be related to creditor payments on August 2nd.
The company holds a total of 4 billion dollars worth of Bitcoin and Ethereum.
When Genesis filed for bankruptcy last year, it disclosed that it had over 100,000 creditors and debts of up to 10 billion dollars.
Genesis has too many creditors both individually and corporately, so it will not be able to fully repay. These payment percentages will vary according to the creditor's cryptocurrency.
Bitcoin creditors will be able to recover 51.28% of their assets, while Ethereum creditors will be able to recover 65.87%. For Solana, the repayment rate will be only 29.58%.
In the statement made by Genesis, the following expressions were included:
Creditors will be entitled to additional repayment following the initial distribution, depending on ongoing claim settlements, rights arising from contracts with third parties, and the outcomes of legal proceedings.
Stay tuned for new information