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Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources
In addition to the previously reported group of Gemini customers owed $900 million, there are two other groups of Genesis creditors being represented by lawyers, CoinDesk has learned.
By Ian Allison
Updated May 9, 2023, 4:03 a.m. Published Dec 4, 2022, 10:17 p.m.
Customers whose money is locked up on trading and lending platform Genesis and who have taken legal advice on the matter currently account for some $1.8 billion of loans, according to a person familiar with the situation. And that number looks like it will continue to grow.
The Financial Times recently reported that a group of customers using cryptocurrency exchange Gemini’s Earn program, which is tied to Genesis, were owed $900 million after Genesis’ lending unit halted customer withdrawals on Nov. 16.
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A second group of assorted Genesis creditors, with loans also amounting to $900 million, is being represented by law firm Proskauer Rose, a second person told CoinDesk.
The Proskauer group takes the tally to $1.8 billion, with more to come in the form of a third ad hoc group being represented by Kirkland & Ellis, the law firm representing bankrupt crypto firms Celsius Network and Voyager Digital, the second person said. The amount of loans this third group is owed is not known. In addition, the Gemini customers group is being represented by law firm Latham & Watkins, the second person said.
In a letter to investors on Nov. 23, Genesis said it had “begun discussions with potential investors and our largest creditors and borrowers, including Gemini and DCG [Digital Currency Group], to agree on a solution that shores up our lending business’ overall liquidity and addresses clients’ needs.”
Genesis declined to comment on this story. Proskauer Rose, Latham & Watkins and Kirkland & Ellis did not respond to requests for comment by press time.
Genesis and CoinDesk are both owned by DCG.
Read more: Genesis Global Capital Confirms Hiring Investment Bank Moelis, Talks With Potential Investors
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