The sale of deposit claims in Genesis might have cost Gopax creditors tens of millions of dollars, local news outlet Hankyung reported.
Binance secretly sold its South Korean affiliate Gopax’s user deposit claims in Genesis Global for less than half their face value last year, South Korean news outlet Hankyung reported Monday, citing a source familiar with the matter.
GOFi users collectively lost assets valued at 70 billion Korean won, or $57 million at the time. Gopax and Binance have so far compensated around half of the damages. The source alleged that Binance made the second round of repayments not through the IRI, but by selling GOFi user deposit claims at a heavily discounted value of less than 50% to a third party in August 2023. This transaction, which was not made with consent from investors, had been concealed by Binance and Gopax, the report said.
Gopax had not made any announcement concerning Genesis’ settlement, as it had already sold user claims at a “giveaway price,” the source told Hankyung. The claims would have increased in value with the recent surge in bitcoin prices during the bull cycle, resulting in more losses for GOFi investors had they not been sold, Hankyung reported.
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