Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01305
For creditors who had been frozen since November 2022, the distribution ended
SurvivesCase description
Genesis Global Capital completed its debt restructuring in August 2024, distributing approximately $4 billion in digital assets and US dollars to creditors. The distribution used an unprecedented framework of in-kind coin-for-coin recovery that differed fundamentally from FTX's cash-at-petition-date approach. BTC creditors received 51% of their in-kind value at distribution, representing 166% of their petition date value. ETH creditors received 66% of their in-kind amount. The remaining percentage was to be distributed through ongoing DCG recoveries. For creditors who had been frozen since November 2022, the distribution ended a 21-month period of inaccessibility.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Survives |
| Documentation | Unknown |
| Year observed | 2024 |
| Country | United States |
Structural dependencies observed
Outcome interpretation
Access remained possible under the reported conditions.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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