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Crypto Lender Genesis Is FTX's Largest Unsecured Creditor With $226M in Claims
Genesis Global Capital leads the revised list that un-redacted the names of several creditors.
Updated Jan 20, 2023, 7:47 p.m. Published Jan 20, 2023, 2:56 p.m.
Crypto lender Genesis Global Capital has turned out to be the largest unsecured creditor of FTX.com and FTX's affiliated companies.
Genesis Global Capital leads the revised "Top 50 List" that represents FTX and its affiliated companies' major creditors, as it owed $226.3 million, according to a court filing on Thursday. The revised list now shows the name of any creditor who was appointed by the U.S. trustee in the case to the Official Committee of Unsecured Creditors, according to the filing.
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The names and information of most of the other top 50 creditors remain redacted, but the 12th-largest unsecured creditor is listed as Hong Kong-based crypto trading firm Pulsar Global Ltd., with a claim of $92.9 million, while individual creditor Larry Qian is 14th with a claim of $91.1 million. Another notable name on the list is Singapore-based crypto market maker Wintermute, 29th on the list with a claim of $33.0 million.
FTX declared bankruptcy on Nov. 11, causing major turmoil throughout the crypto sector.
Genesis Global Holdco LLC and its subsidiaries Genesis Asia Pacific Pte. Ltd. and Genesis Global Capital LLC all filed for Chapter 11 bankruptcy late on Thursday.
"Genesis and its advisors have been engaged in ongoing, productive discussions with advisors to its creditors and corporate parent Digital Currency Group (“DCG”) to evaluate the most effective path to preserve assets and move the business forward," the company said in a press release.
DCG is also the parent company of CoinDesk.
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