Cointime

Genesis Global’s Top 50 Creditors Are Owed Over $3.6 Billion

Crypto Saving Expert· 2 min read

The top 50 creditors of Genesis Global are owed over $3.6 billion, with the Gemini crypto exchange topping the list with $765.9 million.

The financial details of Genesis Global’s bankruptcy filings have revealed that the three entities in the filing, Genesis Global Holdco, Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd., owe over $3.6 billion to its top 50 creditors.

According to a court filing in the US Bankruptcy Court for the Southern District of New York, Genesis Global’s top creditors and the amount owed are as follows:

  • Gemini Trust Company — $765.9 million
  • Mirana Corp., the investment arm of Bybit, which invested in BitDAO, Animoca Brands and more — $151.56 million
  • Moonalpha Financial Services Limited, the team behind Babel Finance — $150 million
  • Coincident Capital International Ltd. — $112 million
  • Altcoinomy SA — $61 million
  • Streami Inc. — $56.766 million
  • Heliva International Corp., which allegedly has links to Decentraland — $55 million
  • VanEck New Finance Income Fund — $53.1 million
  • Plutus Lending LLC, which has links with Abra — $30 million
  • Severalevelopment Foundation, the non-profit fostering the development of the Stellar Network — $13.187 million

A number of Genesis Global’s creditors’ names have been redacted, with the amounts owed ranging from $20 million to $462.2 million.

Gemini is Preparing Legal Action Against DCG, Barry Silbert and Others — Cameron Winklevoss

Genesis Global announced its chapter 11 bankruptcy filing earlier today, and the co-founder and president of the Gemini, Cameron Winklevoss, called the move ‘a crucial step’ towards recovering the crypto exchange’s customer assets tied to the crypto lender.

He, however, added that the bankruptcy did not insulate Digital Currency Group (DCG), its founder and CEO Barry Silbert, and ‘other wrongdoers from accountability.’

‘We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices,’ he tweeted.

Mr Winkelvoss stated that the only way legal action would be avoided was for Barry Silbert and DCG to ‘come to their senses and make a fair offer to creditors.’

~By John P. Njui~

All Comments