Gemini, Mirana Corp, and Moonalpha Financial Services Limited are among the top creditors of the bankrupted crypto broker Genesis, as revealed in the company's recent Chapter 11 bankruptcy filing in the Southern District of New York. More lenders were also listed in the document.
On January 19, 2023, New York-based market-maker Genesis Global Holdco LLC, and its subsidiaries Genesis Asia Pacific Pte, and Genesis Global Capital LLC, filed for Chapter bankruptcy in the Southern District of New York.
The filing revealed that the company owes over $3.6 billion to its largest creditors. The document named nearly half of the creditors, and in its voluntary petition, Genesis stated that there are funds available for distribution to its unsecured creditors.
The largest debt is held by the crypto exchange and advanced trading platform Gemini, which is owed approximately $765.9 million. Following Gemini is the Singapore-based investment company Mirana Corp, which is owed around $151.5 million. Mirana Ventures, the company's subsidiary, is an "early-stage crypto fund" actively investing in projects that contribute to the decentralization of society.
Hong Kong-based Moonalpha Financial Services Limited, also known as Babel Finance, was identified as the third-largest creditor of Genesis. This crypto financial provider offers services such as crypto lending and financial management to high-net-worth investors and institutions. Genesis owes over $150 million to Babel Finance.
The list of the largest creditors also includes a hedge fund. Coincident Capital based in the Cayman Islands lent $112 million to Genesis.
Donut is the last entity among the five creditors of Genesis with the highest debts. Donut is a DeFi application popular among investors for the possibility to earn up to 6% on savings and withdraw money without fees.
Some of the other lenders revealed in the document are Korean Streami Inc, Panama-based Heliva International Corp as well as VanEck New Finance Income Fund, LP, Claure Group LLC, Digital Finance Group, and Plutus Lending LLC from the USA.