Genesis owes at least $3.5 billion to its top 50 creditors, including crypto exchange Gemini, trading company Cumberland, Mirana, Babel Finance's parent company MoonAlpha Finance and VanEck's New Finance Income Fund, according to Genesis' bankruptcy filing.
Genesis owes Gemini Trust Company $766 million; Cumberland DRW $18.7 million; Mirana (which has invested in ByBit) $151.5 million; MoonAlpha Finance is owed $150 million, and VanEck’s New Finance Income Fund $53 million.
There are also a number of creditors that have been redacted. An unknown creditor is owed $462.2 million and another is owed $230 million. A company called Heliva International Corp is owed $55 million.
Previously, Genesis Global Holdco, LLC filed for Chapter 11 bankruptcy protection in New York federal district court.
Genesis Global Holdco, LLC and its subsidiaries Genesis Asia Pacific Pte. Ltd and Genesis Global Capital, LLC filed a trio of voluntary petitions with the bankruptcy court.
In its filing, Genesis Global Capital, the partner firm to Gemini's defunct Earn program, estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. The two other entities estimated their assets and liabilities in the $100 million and $500 million range, respectively.
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