Crypto Lending Platform Genesis Global Capital filed filing for insolvency under Chapter 11 of the United States Bankruptcy Code. Applications are submitted by Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital.
The company reported having more than 100,000 creditors with assets and liabilities ranging from $1 billion to $10 billion. Subsidiaries have figures ranging from $100-500 million.
At the end of 2022, lenders sought avoid a chaotic and costly bankruptcy process. On the eve it became known that the company still take this step.
According to media reports, Genesis debt reached $3 billion. This amount includes claims Gemini clients for $900 million.
The documents say Genesis owes $765 million to the Winklowoss brothers’ exchange. Other top lenders include Mirana (BitDAO and Bybit), Moonalpha (Babel Finance), Coincident Cap, Decentraland, VanEck, Abra, Cumberland and the Stellar Foundation.
• Gemini: $765.9M
• Mirana (BitDAOand Bybit): $151.5M
• Moonalpha (Babel Finance): $150M
• Coincident Cap: $112M
• Decentraland: $55m
• VanEck: $53m
• Abra: $30m
• Cumberland: $18.7m
• Stellar Foundation: $13.2m pic.twitter.com/DM1Y7NJDmL
— PeckShieldAlert (@PeckShieldAlert) January 20, 2023
Debt to Decentraland exceeds amount of assets in the treasury project.
Gemini co-founder Cameron Winklevoss vowed to use all available legal tools to maximize redress for the 340,000 Earn users.
3/ The good news is that, by seeking the protection of the bankruptcy court, Genesis will be subject to judicial oversight and be required to provide discovery into the machinations that brought us to this point.
— Cameron Winklevoss (@cameron) January 20, 2023