Closely followed by the crypto market Genesisfiled for bankruptcy protection in New York, with more than $3.6 billion in debt.
Genesis filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York late on January 19. The company has released a list of its top 50 unsecured receivables following the filing. The total value of the receivables is over $3.6 billion.
Some of these debts are from places unknown, including nearly half a billion dollars in debt. According to experts, these debts generally belong to “individual” creditors.
Genesis Announces Its Borrowing Companies
Koinfinans.com As we have reported, there are many familiar crypto firms on the debtors list of Genesis. involved in a public discussion with the Digital Currency Group. Gemini Trust Company tops the list with a claim of $766 million.
Other borrowers include $151 million to crypto fund Mirana Corp. $150 million to troubled crypto lender Babel Finance. $53 million to the VanEck New Finance Income Fund. $30 million to Plutus Lending, owned by crypto platform Abra. And there’s a $19 million loan from trading firm Cumberland DRW.
Heliva International Corp is on the list with a claim of $55 million. This is remarkable because Decentraland’s CFO, Santiago Esponda, is one of the chief executives of Heliva. However, Ryan de Tabaoda, COO of Decentaland, clarified to CoinDesk that the claim is not an official Decentraland investment.
How Genesis’ bankruptcy will affect the crypto market will be compiled separately in different news.