Ramazan Eles 
Bankrupt cryptocurrency firm Genesis is set to distribute billions of dollars worth of cryptocurrency as part of its liquidation process.
Genesis has completed the paperwork for its bankruptcy proceedings, and now it’s time to distribute the $4 billion worth of cryptocurrency to creditors. Having received all necessary court approvals for the sale in May, Genesis transferred $1.5 billion worth of Bitcoin and Ethereum on August 2nd to wallets believed to be linked to creditor payments.
The company holds a total of $4 billion worth of Bitcoin and Ethereum.
When it filed for bankruptcy last year, Genesis revealed it had over 100,000 creditors and debts of approximately $10 billion.
Given the vast number of both individual and institutional creditors, Genesis will not be able to make full repayments. Repayment percentages will vary depending on the creditor’s cryptocurrency holdings.
Bitcoin creditors can expect to recover 51.28% of their assets, while Ethereum creditors can recover 65.87%. For Solana, the recovery rate is only 29.58%.
In a statement, Genesis said:
Creditors may be entitled to additional distributions following the initial distribution, subject to ongoing claim resolution, contractual rights against third parties, and litigation outcomes.
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