Genesis owes $3.6 billion to 50 different creditors, including investment firms, hedge funds, and at least one DeFi application (app).
Several major creditors
Bankrupt crypto broker Genesis has revealed its biggest creditors in its recent Chapter 11 bankruptcy filing. Crypto exchange Gemini ranks first, with debt of around $765.9 million.
The filing revealed more than $3.6 billion in debt to the largest creditors. About half of the debtors are not mentioned.
The second largest named creditor is a Singapore-based entity called Mirana Corp. This company has outstanding debt of approximately $151.5 million.
Mirana Corp’s Seychelles-registered subsidiary, Mirana Ventures, has been actively investing in the industry, supporting cryptogaming firm Animoca Brands, Ethereum scaling project Matter Labs, and a host of others.
The venture firm also became involved in the collapse of Three Arrows Capital (3AC). It sued the now-bankrupt company in December over alleged $13 million in debt.
The third-largest named creditor is Moonalpha Financial Services Limited, which trades as Babel Finance and is headquartered in Hong Kong.
The company, which owes just over $150 million, offers many services, such as crypto asset management and crypto lending, that are marketed to high net worth individuals.
The fourth position is held by hedge fund Coincident Capital, with Genesis owing the Cayman Islands-based company about $112 million.
Donut, a DeFi mobile app that offered investors up to 6% on their savings, was revealed as the fifth-largest creditor with debts of approximately $78 million. Due to this Genesis exposure, shooting was halted in November 2022.