1 year ago
Genesis owes much than $3.5 cardinal to its apical 50 creditors, according to its Chapter 11 bankruptcy filing.
The filing shows that its biggest indebtedness is $765.9 cardinal to Gemini Earn users. However, earlier successful January, Gemini co-founder Cameron Winklevoss had pegged Genesis’ full indebtedness to implicit 340,000 Gemini Earn users astatine $900 million.
Genesis files for Chapter 11
Genesis filed for bankruptcy connected Jan. 19 aft struggling with liquidity issues since the illness of FTX successful November 2022.
The names of much than fractional of the apical 50 creditors were withheld successful the bankruptcy filing. The apical 3 creditors whose names were kept confidential are owed a full of implicit $1 billion.
Crypto money Mirana Corp — which had reportedly sued Three Arrows Capital (3AC) implicit a indebtedness statement aft it filed for bankruptcy — is the 5th largest creditor of Genesis. Genesis owes $151.5 cardinal to Mirana.
Other notable names successful the Genesis creditors database see Moonalpha Financial Services — which conducts concern arsenic Babel Finance — crypto savings steadfast Donut, and VanEck New Finance Income Fund. Genesis owes implicit $150 million, $78 million, and $53.1 cardinal to Babel, Donut, and VanEck, respectively.
Genesis besides owes $18.72 cardinal to trading steadfast Cumberland DRW, and $20 cardinal to gaming steadfast Big Time Studios, which was founded by Decentraland co-founder Ari Meilich.
The station Genesis owes implicit $3.5B to apical 50 creditors, owes $765.9M to Gemini Earn users appeared archetypal connected CryptoSlate.
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