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Genesis Owes Over $3.5B to Top 50 Creditors
Genesis has over 100,000 creditors among the three of its companies that declared bankruptcy.
By Sam Reynolds
Updated May 9, 2023, 4:06 a.m. Published Jan 20, 2023, 6:02 a.m.
Crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the 50 largest of Genesis' creditors, according to a bankruptcy filing published late Thursday night.
Crypto lender Genesis filed for bankruptcy protection 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.”
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Among 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 from the filing to the bankruptcy court in New York. 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. Decentraland executives did not immediately respond to CoinDesk's request for comment.
Read more: Genesis' Crypto Lending Businesses Files for Bankruptcy Protection
CORRECTION (Jan. 20, 15:56 UTC): Removes mention of Ryan, who works for Decentral Games and not Decentraland. Adds that Decentraland executives did not respond to a request for comment.
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