Genesis Pays Out $4B to Creditors, but Crypto Market Tanks
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Genesis Global, a cryptocurrency lender, along with its affiliated companies, has finalized their bankruptcy restructuring process. As part of this completion, they have started distributing approximately $4 billion in digital assets and cash to their creditors.
Bitcoin creditors can expect to receive 51.28% recoveries on an in-kind basis. Despite this significant payout, the overall crypto market has experienced a downturn.
The completion of the bankruptcy restructuring represents a crucial step for Genesis, yet it hasn't prevented the decline in the broader cryptocurrency market.
Source: coinedition.com ↗
