The cryptocurrency lending platform Genesis, a subsidiary of Digital Currency Group (DCG), filed for Chapter 11 bankruptcy in a Southern New York court on Thursday. According to the filing, the company owes more than $3.6B to its 50 top creditors. The lending unit of Genesis has $1B to $10B in total assets and liabilities and more than 100,000 creditors.
Genesis has also stated that the company has approximately $150M cash to support its operations during the restructuring process.
After the bankruptcy filings, Genesis released a list of its top 50 unsecured creditors. According to the Block, Gemini Trust Company, which has recently had a public dispute with Digital Currency Group (DCG), tops the list of creditors with $766M. Genesis owes $18.7M to Cumberland, $151.5M to Mirana, $150M to MoonAlpha Finance, and $53M to the VanEck New Finance Income Fund.
