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Genesis Owes Over $3.5B to Top 50 Creditors

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.

 

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