Genesis Owes Over $3.5B to Top 50 Creditors

Genesis has over 100,000 creditors among the three of its companies that declared bankruptcy.

AccessTimeIconJan 20, 2023 at 6:02 a.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC

Crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the 50 largest of Genesis' creditors, according to a bankruptcy filing published late Thursday night.

Crypto lender Genesis filed for bankruptcy protection during the late U.S. hours of Thursday in what it called a “strategic [action] to achieve a global resolution to maximize value for all clients and stakeholders and strengthen its business for the future.”

Among its creditors are names that would be familiar to observers of the crypto industry. Genesis owes Gemini Trust Company (Gemini used Genesis as a vehicle for its Yield product) $766 million; trading firm Cumberland DRW $18.7 million; crypto fund Mirana (which has invested in ByBit) $151.5 million; MoonAlpha Finance (the team behind Babel Finance) is owed $150 million, and VanEck’s New Finance Income Fund $53 million.

There are also a number of creditors that have been redacted from the filing to the bankruptcy court in New York. An unknown creditor is owed $462.2 million and another is owed $230 million.

Genesis and CoinDesk have the same parent company, Digital Currency Group (DCG).

A company called Heliva International Corp. is owed $55 million and lists Decentraland’s CFO Santiago Esponda as a contact point. Decentraland executives did not immediately respond to CoinDesk's request for comment.

CORRECTION (Jan. 20, 15:56 UTC): Removes mention of Ryan, who works for Decentral Games and not Decentraland. Adds that Decentraland executives did not respond to a request for comment.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.