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.
The post Genesis owes over $3.5B to top 50 creditors, owes $765.9M to Gemini Earn users appeared first on CryptoSlate.
