Share this article
Genesis Files $1.2B Claim Against Three Arrows Capital
Genesis's parent company, Digital Currency Group, has assumed Genesis' liabilities in the case.
Updated May 11, 2023, 5:34 p.m. Published Jul 18, 2022, 5:06 p.m.
Crypto broker Genesis Global Trading, has filed a $1.2 billion claim against the now insolvent Three Arrows Capital, according to a 1,157-page court filing uploaded by bankruptcy trustee Teneo.
Digital Currency Group, parent of both Genesis and CoinDesk, has assumed the entire $1.2 billion claim, leaving Genesis with no outstanding liabilities tied to Three Arrows Capital.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The filing indicates that Genesis Asia Pacific Pte. Ltd., a subsidiary of Genesis Global, sought relief from Three Arrows regarding assets of $1.14 billion, as well as pledged AVAX and NEAR tokens worth a total of $91.3 million, on June 15.
- A list of creditor claims on the document reveals that Genesis Asia Pacific Pte. Ltd. made demands for breached Three Arrows Capital loans totaling $2.36 billion.
- The loans were partly collateralized with 17.4 million shares of the Grayscale Bitcoin Trust (GBTC), 446,928 shares in Grayscale Ethereum Trust (ETHE), 2.7 million AVAX tokens and 13.9 million NEAR tokens – all of which have been liquidated by Genesis.
- Genesis issued a margin call to Three Arrows Capital via the American Arbitration Association seeking collateral to make up the shortfall. When Three Arrows failed to provide the required collateral, Genesis sent a notice of default, stating that the entire loan balance was due.
- Last month, sources told CoinDesk that Genesis faced losses in the "hundreds of millions" because of its exposure to Three Arrows Capital, which is also known as 3AC.
- Three Arrows Capital filed for Chapter 15 bankruptcy in the Southern District of New York on July 1.
UPDATE (July 18, 19:06 UTC): Updates headline, lead paragraph and first bullet point with information about Genesis' claim against Three Arrows Capital. Also adds CoinDesk's relationship with DCG and Genesis.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
