Gemini, the cryptocurrency exchange, Cumberland, a trading company, VanEck’s New Finance Income Fund, MoonAlpha Finance, and Mirana are amongst the top fifty biggest creditors of Genesis, as stated by the company’s bankruptcy application.
Genesis filed for bankruptcy on the 19th of January 2023. The company has more than 100k creditors split across its companies (three) that filed for bankruptcy. During the late hours of 19 January, US time, Genesis, a cryptocurrency lender, applied for bankruptcy protection. The company stated that this is a strategy to obtain a perspective to bring the highest value to its stakeholders and clients and improve its operations for the future.
Close watchers of crypto industry news should be familiar with some of the creditors’ names. Gemini Trust Company, for example, promotes its yield service via Genesis, and the latter owes the former USD 766 million. Cumberland DRW, the trading firm, is owed USD 18.7 million. Mirana, a crypto fund that previously invested in ByBit, has to get USD 151.5 million. The company supporting Babel Finance, MoonAlpha Finance has to obtain USD 150 million. New Finance Income Fund is owed USD 53 million.
The bankruptcy filing applied to a specialised court based in New York redacted several creditors. Two creditors have to receive more than USD 200 million, one is owed USD 462.2 million and the other USD 230 million.
Genesis has Digital Currency Group as its parent company, same as CoinDesk.