BINANCE AFFILIATE GOPAX SOLD GENESIS CREDITOR CLAIMS AT STEEP DISCOUNT: REPORT

The cryptocurrency world is abuzz with controversy surrounding Binance, the world's largest crypto exchange, and its South Korean affiliate, Gopax. The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits. 1451 Total views 26 Total shares Own this piece of crypto history Collect this article as NFT Gopax, a top-five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users deposit claims for half of theirA recent report alleges that Gopax, a top-five crypto exchange in South Korea by market share and majority-owned by Binance, secretly sold its users' deposit claims tied to the troubled crypto lender Genesis Global at a significant discount. Web3 base layer protocol KIP Protocol launched The Uprising event and plans to allocate part of KIP supplyThis move, reportedly executed on May 27, has sparked outrage among investors and drawn scrutiny from South Korean regulators. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report The Gopax exchange is allegedly indebted for 100 billion Korean won in unfulfilled user staking deposits. Den vollst ndigen Artikel lesen nearr;The core issue revolves around claims related to GoFi, Gopax's yield product, which became entangled in the Genesis bankruptcy saga. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report Cointelegraph h 21 horas The Gopax exchange is allegedly indebted for 100 billion Korean won in unfulfilled user staking deposits.The reported sale price was less than half of the face value of these claims, leaving Gopax users facing substantial financial losses. 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.This action directly contradicts earlier promises made by Binance to fully compensate affected users, casting a shadow over the exchange's commitment to its customers and raising serious questions about its business practices in the region. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report . The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits. 969 Total views 26 Total shares Listen to articleThis article dives deep into the details of the situation, exploring the implications for investors, the regulatory response, and the broader impact on the crypto landscape.

The Gopax-Genesis Connection and User Losses

To understand the current situation, it's crucial to grasp the connection between Gopax, Genesis, and the resulting losses faced by Gopax users. Binance accused of selling creditor claims at 50% discounts amid Gopax deal, raising regulatory concerns. Binance acquired Gopax shares at reduced prices, selling victims' asset claims instead of using own funds.Gopax offered a yield-generating product called GoFi, which allowed users to deposit their cryptocurrency in exchange for interest.A portion of these GoFi deposits was reportedly lent to Genesis Global, a crypto lending firm that later filed for bankruptcy in early 2023.When Genesis ran into financial trouble, it froze withdrawals, effectively trapping Gopax users' deposits.

Reports indicate that Gopax owes its users approximately 100 billion Korean won (KRW) in unreturned staking deposits related to GoFi. The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits. Gopax, a top five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users deposit claims for half of their face value in August 2025.The actual amount owed to users through GoFi, according to some reports, is 70 billion KRW. The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits.Continue reading Binance affiliate Gopax sold Genesis creditor claims at steep discountRegardless of the exact figure, a significant sum of user funds became inaccessible due to the Genesis bankruptcy.

• GoFi: Gopax's yield product that allowed users to earn interest on their crypto deposits.
• Genesis Global: The crypto lending firm that filed for bankruptcy, freezing Gopax user deposits.
• Unreturned Deposits: Approximately 100 billion KRW owed to Gopax users due to the Genesis situation.

The Impact on Gopax Users

The most direct consequence of this situation is the financial loss experienced by Gopax users who had entrusted their funds to the GoFi product.The discounted sale of the Genesis creditor claims means that these users will recover only a fraction of their original deposits. 0. news. bitcoin; ethereum; altcoin; nfts; defi; regulation; events; bitcoin (btc) $ 43,765.00 4.81%This loss is compounded by the fact that many users likely relied on the promised interest rates for financial planning or income generation.The broken promise of full compensation from Binance further exacerbates the sense of betrayal and financial hardship felt by affected investors.

Binance's Role and the Discounted Sale

Binance acquired a majority stake in Gopax in February 2023, stepping in to address the liquidity issues stemming from the Genesis crisis. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report CNBC Daily Open: Fed signals possible rate cut; Wall Street soars; oil gains as Middle East tensions riseWhile the acquisition was initially seen as a positive step toward resolving the user deposit issue, the subsequent sale of creditor claims at a steep discount has raised serious concerns about Binance's true intentions.

The reported sale of these claims on May 27, 2024, at less than half their face value has ignited widespread criticism.Critics argue that Binance, as the majority owner of Gopax, had a responsibility to protect the interests of Gopax users and should have used its own financial resources to fully compensate them. 24 subscribers in the VirtualCoinCap community. Real-time Cryptocurrency Market Prices, Charts, Blockchain Cryptocurrency News, PortfolioInstead, the company allegedly chose to offload the claims at a loss, shifting the financial burden onto the very users who were already suffering from the Genesis bankruptcy.

Why the Discount?

The reasons behind the steep discount are not entirely clear, but several factors could have contributed to the decision:

• Risk Assessment: Binance may have assessed the likelihood of recovering the full value of the claims from Genesis as low, due to the complexities and uncertainties of the bankruptcy proceedings.
• Time Value of Money: Waiting for the bankruptcy process to unfold could take years, and Binance may have preferred to receive a smaller amount of cash upfront rather than waiting for a potentially larger but uncertain payout in the future.
• Strategic Considerations: The sale may have been part of a broader strategy to minimize Binance's exposure to the Genesis situation and streamline its operations in South Korea.

Regardless of the reasons, the discounted sale has been widely viewed as a breach of trust and a failure to honor the initial commitment to fully compensate GoFi victims.

Regulatory Scrutiny in South Korea

The situation has attracted the attention of South Korean regulators, who are now reportedly reviewing the circumstances surrounding the sale of the Genesis creditor claims. Gopax, a top-five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users deposit claims for half of their face value in August 2025. According to a May 27 post by local news agency Hankyung, or Korea Economic Daily, Gopax owes a total of 70 billion SoRegulatory concerns center on whether Binance and Gopax acted in the best interests of their users and whether they complied with all applicable regulations.

The sale raises questions about potential conflicts of interest and whether Binance prioritized its own financial interests over the well-being of Gopax users.Regulators may also investigate whether Binance adequately disclosed the risks associated with the GoFi product and the potential for losses in the event of a Genesis bankruptcy.Any findings of wrongdoing could result in significant fines, penalties, and reputational damage for Binance and Gopax.

Potential Regulatory Actions

Possible regulatory actions could include:

1. Investigations: A thorough investigation into the circumstances surrounding the sale of the creditor claims.
2. Fines and Penalties: Imposition of financial penalties for any regulatory violations.
3. Corrective Actions: Requirements for Binance and Gopax to take corrective actions to compensate affected users.
4. Operational Restrictions: Limitations on Binance's and Gopax's operations in South Korea.

Investor Outrage and Loss of Confidence

The news of the discounted sale has triggered widespread outrage among Gopax users and the broader crypto community. The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits.Investors feel betrayed by Binance, which had initially promised to make them whole.The discrepancy between the promise and the reality of receiving less than half of their original deposits has eroded trust in the exchange and its leadership.

The incident also raises concerns about the broader risks of investing in yield-generating crypto products.While these products can offer attractive returns, they also carry significant risks, including the potential for losses due to counterparty risk, market volatility, and regulatory changes. Binance acquired a majority stake in the South Korean crypto exchange in February 2025. Gopax, a top-five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users deposit claims for half of their face value in August 2025.by local news agency Hankyung, or Korea Economic Daily, Gopax owes a total of 70 billion South Korean won to its usersThe Gopax-Genesis situation serves as a stark reminder that even seemingly reputable platforms and products can be vulnerable to unforeseen events.

Restoring Investor Confidence

Regaining investor confidence will be a significant challenge for Binance and Gopax. Binance, the largest shareholder of the South Korean cryptocurrency exchange Gopax, sold the asset claims of Gopax victims at less than half their face value on May 27. The discounted sale has led to substantial financial losses for investors, contradicting Binance s earlier promise to fully compensate victims of the virtual asset depositSome steps they could take include:

• Transparency: Providing full transparency about the circumstances surrounding the sale of the creditor claims and the reasons for the discount.
• Increased Compensation: Increasing the amount of compensation offered to affected users, potentially through additional funding from Binance.
• Enhanced Risk Disclosure: Improving risk disclosure practices for yield-generating products, clearly outlining the potential risks involved.
• Compliance: Demonstrating a strong commitment to regulatory compliance and investor protection.

The Wider Impact on the Crypto Landscape

The Gopax-Genesis situation has ramifications beyond the immediate impact on Gopax users. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report . PANews ｜ 1:45 The Gopax exchange reportedly owes 100 billion Korean wonIt highlights the interconnectedness of the crypto industry and the potential for contagion effects when one company experiences financial difficulties.The collapse of Genesis sent shockwaves through the crypto market, affecting numerous companies and investors.This situation underscores the need for robust risk management practices and greater regulatory oversight in the crypto space.

Moreover, the incident raises questions about the responsibility of large crypto exchanges like Binance to protect the interests of their users. Juno发布Synapse破产进程更新：将与受托人合作并提供支持，帮助用户获得资金As the dominant player in the market, Binance has a significant influence on the industry and a corresponding responsibility to act ethically and responsibly.The Gopax situation has damaged Binance's reputation and could lead to increased regulatory scrutiny of its operations worldwide.

Lessons Learned

The Gopax-Genesis situation offers several valuable lessons for investors and regulators alike:

• Diversification: Do not put all your eggs in one basket. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report The Gopax exchange is allegedly indebted for 100 billion Korean won in unfulfilled user staking deposits. Leer el art culo completo nearr;Diversify your crypto holdings across multiple platforms and products to reduce your risk exposure.
• Due Diligence: Conduct thorough due diligence before investing in any crypto product or platform.Understand the risks involved and the company's track record.
• Risk Management: Implement sound risk management practices, including setting stop-loss orders and regularly monitoring your investments.
• Regulatory Oversight: Advocate for stronger regulatory oversight of the crypto industry to protect investors and promote market stability.

Alternatives for Affected Gopax Users

If you're a Gopax user affected by the discounted sale of Genesis creditor claims, you might be wondering what options you have.

• Participate in Genesis Bankruptcy Proceedings: While the claims have been sold, affected users may still have certain rights in the Genesis bankruptcy case. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report Cointelegraph 22 часа назад The Gopax exchange is allegedly indebted for 100 billion Korean won in unfulfilled user staking deposits.Monitor the proceedings and consult with legal counsel to understand your options.
• Join a Class Action Lawsuit: Consider joining a class action lawsuit against Binance or Gopax to seek further compensation for your losses.
• Seek Legal Advice: Consult with a qualified attorney to explore your legal options and determine the best course of action for your specific situation.
• Lodge a Complaint with Regulators: File a complaint with the South Korean regulatory authorities to express your concerns and request an investigation.

The Future of Binance and Gopax in South Korea

The long-term implications of this controversy for Binance and Gopax in South Korea are uncertain. The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits. Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report - PANews Home Features News FlashesThe regulatory response and the extent to which Binance addresses investor concerns will be crucial factors in determining their future success in the country.If Binance fails to regain investor trust and address regulatory concerns, it could face significant challenges in maintaining its market share and expanding its operations in South Korea.

The Gopax situation serves as a cautionary tale for the crypto industry, highlighting the importance of transparency, risk management, and regulatory compliance. News that are related to the article cointelegraph.com: Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report from papers and blogs.It also underscores the need for investors to exercise caution and conduct thorough due diligence before investing in any crypto product or platform. Bitcoin Runes Resurgence? Why Asia s Institutional Investors Could Fuel GrowthAs the crypto industry continues to evolve, it is essential to prioritize investor protection and promote a culture of ethical and responsible business practices. CryptoQuant CEO Ki Young Ju Predicts End of Bitcoin Bull Market, Forecasts Bearish or Volatile Trend AheadThe future of cryptocurrency hinges on building a system people can trust.

Conclusion

The report that Binance affiliate Gopax sold Genesis creditor claims at a steep discount is a serious blow to investor confidence and a stark reminder of the risks inherent in the crypto market.The sale, reportedly at less than half the face value, contradicted Binance's earlier promises to fully compensate GoFi victims and has triggered regulatory review in South Korea. Binance sells Gopax asset claims at steep discounts, igniting investor outrage and prompting regulatory review in South Korea. Binance sold Gopax victim asset claims at less than half their face value on May 27. This sale contradicts Binance's earlier promise to compensate GoFi victims fully.The incident underscores the importance of due diligence, risk management, and regulatory oversight in the crypto space.Whether Binance can recover from this reputational hit and restore trust with its users remains to be seen.The key takeaways are clear: protect your investments, know the risks, and demand transparency from crypto platforms. Gopax, a top-five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users deposit claims for half of their face value in August 2025.The world of digital currency continues to evolve, making it paramount to stay vigilant and informed. بيتكوين تتصدر استطلاع مايكل ديل حول x، وتتفوق على الذكاء الاصطناعي والحبThis situation should act as a call to action for increased regulatory scrutiny and greater investor protection in the cryptocurrency ecosystem.