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20 Jan 2023

Genesis owes more than $3.6 billion to top 50 creditors

Genesis owes more than $3.6 billion to top 50 creditors

Genesis Global Holdco, which filed for bankruptcy protection in New York late Thursday, owes more than $3.6 billion to its top creditors.

After filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York late on Jan. 19, Genesis published a list of its top 50 unsecured claims. The total value of the claims amount to over $3.6 billion. 

Some of the biggest claims — including one of nearly half a billion dollars — are attached to entities whose identities have been redacted. They mostly belong to individual creditors, according to one person familiar with the matter.

The list includes numerous claims involving well-known crypto firms. Gemini Trust Company, which has for weeks been involved in a public spat with Genesis’s parent company Digital Currency Group, tops the list with a claim of $766 million.

Other noteworthy claims include $151 million owed to crypto fund Mirana Corp.; $150 million owed to troubled crypto lender Babel Finance (through an entity called Moonalpha Financial Services Limited); a $53 million claim lodged by VanEck New Finance Income Fund; a $30 million claim belonging to Plutus Lending, a division of the crypto platform Abra; and a $19 million claim from Cumberland DRW, the trading firm.

Heliva International Corp appears on the list with a $55 million claim. Santiago Esponda, group CFO of Decentraland, is listed as the contact for Heliva — but Decentaland’s COO Ryan de Tabaoda told CoinDesk the claim wasn't an official Decentraland investment.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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