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Stellar Foundation Nicked by Genesis Bankruptcy With $13M Claim

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Stellar Development Foundation, a non–profit organization set up to promote growth on the Stellar (XLM) blockchain, was listed among the largest creditors to Genesis, the beleaguered crypto lending giant that filed for bankruptcy protection on Thursday.

The foundation has a claim for $13 million against Genesis, according to bankruptcy filings.

“The outstanding claim represents an immaterial portion of our overall treasury and does not impact our operations in any way,” according to a Stellar Development Foundation representative.

According to its website, the “Stellar Development Foundation currently holds 30 billion XLM to be used for promoting and enhancing Stellar.” At current prices, Stellar’s holdings of its native XLM token place the paper value of its treasury above $200 million.

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