Genesis owes over $3.5B to top 50 creditors, owes $765.9M to Gemini Earn users News ▸ US ▸ Bankruptcy
Genesis owes over $3.5B to top 50 creditors, owes $765.9M to Gemini Earn users
Genesis' bankruptcy filing shows a much lower debt liability to Gemini Earn users than the $900M debt Cameron Winklevoss had claimed.
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Updated: Jan. 20, 2023 at 8:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Genesis owes more than $3.5 billion to its top 50 creditors, according to its Chapter 11 bankruptcy filing.
The filing shows that its biggest debt is $765.9 million to Gemini Earn users. However, earlier in January, Gemini co-founder Cameron Winklevoss had pegged Genesis’ total debt to over 340,000 Gemini Earn users at $900 million.
Genesis files for Chapter 11
Genesis filed for bankruptcy on Jan. 19 after struggling with liquidity issues since the collapse of FTX in November 2022.
The names of more than half of the top 50 creditors were withheld in the bankruptcy filing. The top 3 creditors whose names were kept confidential are owed a total of over $1 billion.
Crypto fund Mirana Corp — which had reportedly sued Three Arrows Capital (3AC) over a loan agreement after it filed for bankruptcy — is the fifth largest creditor of Genesis. Genesis owes $151.5 million to Mirana.
Other notable names in the Genesis creditors list include Moonalpha Financial Services — which conducts business as Babel Finance — crypto savings firm Donut, and VanEck New Finance Income Fund. Genesis owes over $150 million, $78 million, and $53.1 million to Babel, Donut, and VanEck, respectively.
Genesis also owes $18.72 million to trading firm Cumberland DRW, and $20 million to gaming firm Big Time Studios, which was founded by Decentraland co-founder Ari Meilich.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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In this article
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.