Genesis owes more than $3.6 billion to top 50 creditors

Genesis Global, which filed for bankruptcy protection in New York late Thursday, owes more than $3.6 billion to its top creditors.

After filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York late on Jan. 19, Genesis published a list of its top 50 unsecured claims. The total value of the claims amount to over $3.6 billion. 

Some of the biggest claims — including one of nearly half a billion dollars — are attached to entities whose identities have been redacted. They mostly belong to individual creditors, according to one person familiar with the matter.

The list includes numerous claims involving well-known crypto firms. Gemini Trust Company, which has for weeks been involved in a public spat with Genesis’s parent company Digital Currency Group, tops the list with a claim of $766 million.

Other noteworthy claims include $151 million owed to crypto fund Mirana Corp.; $150 million owed to troubled crypto lender Babel Finance (through an entity called Moonalpha Financial Services Limited); a $53 million claim lodged by VanEck New Finance Income Fund; a $30 million claim belonging to Plutus Lending, a division of the crypto platform Abra; and a $19 million claim from Cumberland DRW, the trading firm.

Heliva International Corp appears on the list with a $55 million claim. Santiago Esponda, group CFO of Decentraland, is listed as the contact for Heliva — but Decentaland’s COO Ryan de Tabaoda told CoinDesk the claim wasn’t an official Decentraland investment.

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