Between the three companies that declared bankruptcy, Genesis has nearly 100,000 creditors.
According to a bankruptcy petition submitted late Thursday night, cryptocurrency exchange Gemini, trading powerhouse Cumberland, Mirana, MoonAlpha Finance, and VanEck’s New Finance Income Fund are among the fifty largest Genesis creditors.
Genesis, a cryptocurrency lender, declared bankruptcy in the late hours of Thursday, citing a “strategic [activity] to reach a global settlement to maximise value for all clients and stakeholders and grow its business for the future.”
Among its creditors are some well-known names in the cryptocurrency business. Genesis owes $766 million to Gemini Trust Company (Gemini used Genesis as a vehicle for its Yield product); $18.7 million to trading firm Cumberland DRW; $151.5 million to cryptocurrency fund Mirana (which has invested in ByBit); $150 million to MoonAlpha Finance (the team behind Babel Finance); and $53 million to VanEck’s New Finance Income Fund.
A handful of creditors have also been blacked out. An unidentified creditor owes $462.2 million, and another owes $230 million.
Digital Currency Group is the parent firm of both Genesis and CoinDesk (DCG).
Heliva International Corp owes Decentraland $55 million and cites Decentraland’s CFO Santiago Esponda as a contact. However, when contacted by CoinDesk, Decentraland’s COO, Ryan De Taboada, disputed that this was an official investment from Decentraland.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.