Genesis Has $226 Million in Claims Against FTX

21.01.2023 / Payment system news

Genesis – a top crypto lending unit that filed for bankruptcy on Thursday – was listed as FTX’s top unsecured creditor within the exchange’s own bankruptcy documents.  

The firm has an unliquidated claim against FTX worth $226 million. 

  • Per FTX’s Thursday filing, the defunct exchange has ten customers to whom it owes over $100 million each. 
  • While an earlier version of the filing already showed claims from FTX’s top 50 creditors, the revised version has revealed the names of those appointed by the U.S. Trustee in the case to the Official Committee of Unsecured Creditors. One of those appointed was Genesis – FTX’s top creditor. 
  • Some of the few other names that are no longer redacted include the Hong Kong-based crypto trading firm Pulsar Global, individual creditor Larry Qian, and crypto market maker Wintermute. Each party is owed $92.9 million, $91.1 million, and $33 million respectively. 
  • Genesis itself filed for bankruptcy on Thursday after failing to raise fresh capital in the aftermath of FTX’s collapse. The company claimed to have $5.1 billion in liabilities. 
  • In November, Genesis claimed to have $175 million trapped inside of FTX.

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