In its First Day Bankruptcy Motion, Genesis claimed $5.1B in liabilities in the time after it froze withdrawals last November. realDannyNelson reports
Bankrupt crypto lending firm Genesis held $5.1 billion in liabilities in the weeks following its freeze on withdrawals last November, according to court documents signed by interim CEO Derar Islim.
“At the same time, Holdco’s corporate parent, Digital Currency Group , and its various subsidiaries, including DCG International Investments Ltd., were also impacted by the market turmoil and did not have the liquidity to pay back the Company on certain loans, adding pressure to the Debtors’ balance sheets,” Islim said. to crypto hedge fund Three Arrows Capital which collapsed in the summer of 2022.
with crypto exchange Gemini over the exchange’s yield product Earn, with Gemini being Genesis’ largest creditor at more than $700 million.Islim said the bankruptcy proceedings “incentivize all stakeholders to move expeditiously toward a consensual resolution that avoids the costs and uncertainty of litigation.”
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