Genesis, Crypto Lender, Runs Bankrupt

PUBLISHED: Jan 25 2023 @ 08:45 | Comments (0) | More info about Azeez Mustapha

Genesis is a leading crypto lending platform. It is also a platform that brings the lender and the borrower together, thereby making financial assistance available to business institutions worldwide. But unfortunately, as part of the latest casualty of the FTX disaster, Genesis Crypto Lender needed to fold up operations and liquidate the business due to the crippling losses. The company has a list of more than 100,000 creditors in this huge bankruptcy, with the liabilities almost matching up with the company’s assets.

Below are some of the names of Genesis’ creditors:

Gemini: $765 million
Moonalpha (Babel): $150 million
Decentraland: $55 million
Mirana (Bybit): $151 million
Cucumberland: $18 million
Stellar Foundation: $13 million
Coincident Cap (Mex/Finex Leaderboarders): $ 110 million
VanEck: $ 53 million
Abra: $30
Donut: $78

Red financial market chart candles vector background for representing falling stock or cryptocurrency market prices. For use as background template for business documents, blogs, banners, advertising, brochures, posters, digital presentations, slideshows, PowerPoint, websites

Currently, Genesis is holding settlement discussions with creditors, employing the services of two law firms: Kirkland & Ellis and Proskauer Rose. The liquidation of the Genesis lending platform adds to the list of fallen exchange platforms, which includes FTX, BlockFi, Celcius, and others.

A Similar Trend With the FTX Collapse
Like in the case of FTX, Genesis made a series of bad bets last year. This adversely affected the firm and forced it to stop withdrawals in mid-November last year. Genesis made it known when FTX collapsed that it has about $175 million worth of assets locked up on the FTX platform.

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