Genesis’ Top 50 Creditors Owed Over $3.5 Billion

Genesis’ Top 50 Creditors Owed Over $3.5 Billion. 

Following massive accusations made against Digital Currency Group (DCG) just a few days back, cryptocurrency lending firm Genesis, a subsidiary of DCG, has recently officially filed for a Chapter 11 bankruptcy.

Owing $3.5B

According to the bankruptcy filing, Genesis has over 100,000 creditors and reportedly owes it’s top 50 creditors a massive $3.5 billion.

Although many of its creditors have been left unnamed, some of the creditors that were mentioned include Gemini, which is owed $766 million, Moonalpha Financial Services in Hong Kong owed $150 million, Coincident Capital in the Cayman Islands owed $151.5 million, VanEck’s New Finance Income Fund owed $53 million, Mirana Corp. of Singapore owed $151.5 million, and trading firm Cumberland DRW owed $18.7 million.

Two more creditors were owed a massive $462.2 million and $230 million, though their names and identities have been redacted in the bankruptcy filing.

Related: Solana Executive On State Of Solana Following FTX Collapse

Genesis’ Liquidity

The crypto firm also announced that they have $150 million cash in hand as “ample liquidity” which they will use to support operations during the restructuring process.

“We have crafted a deliberate process and roadmap through which we believe we can reach the best solution for clients and other stakeholders,” Genesis Director Paul Aronzon says.

Gemini co-founder and president Cameron Winklevoss also tweeted announcing the bankruptcy, explaining the next steps the company wishes to make in order to return back their creditors’ and investors’ assets.

Related: Kevin O’Leary Warns Of Crypto Meltdowns, “There Will Be Many More Zeros” 

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