Genesis Owes Over $3.5B to Top 50 Creditors

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.”

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.