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Genesis Owes Over $3.5B to Top 50 Creditors

Sam Reynolds - CoinDesk
2023-01-20 06:02
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Crypto exchange Gemini, Trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the fifty largest Genesis creditors, according to a bankruptcy filing published on late Thursday night.

Crypto lender Genesis filed for bankruptcy during the late U.S. hours of Thursday in what it called a “strategic [action] to achieve a global resolution to maximize value for all clients and stakeholders and strengthen its business for the future.”

Amongst its creditors are names that would be familiar to observers of the crypto industry. Genesis owes Gemini Trust Company (Gemini used Genesis as a vehicle for its Yield product) $766 million; trading firm Cumberland DRW $18.7 million; Crypto-fund Mirana (which has invested in ByBit) $151.5 million; MoonAlpha Finance (the team behind Babel Finance) is owed $150 million, and VanEck’s New Finance Income Fund $53 million.

There are also a number of creditors that have been redacted. An unknown creditor is owed $462.2 million and another is owed $230 million.

Genesis and CoinDesk have the same parent company Digital Currency Group (DCG).

A company called Heliva International Corp is owed $55 million, and lists Decentraland’s CFO Santiago Esponda as a contact point. However, when contacted by CoinDesk, Ryan De Taboada, Decentraland’s COO, denied that this was an official investment from Decentraland.

Read more: Genesis' Crypto Lending Businesses Files for Bankruptcy Protection

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