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Bybit, Decentraland also affected? Genesis owes over $3.5 billion, who are the prominent creditors?

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Bybit, Decentraland also affected? Genesis owes over $3.5 billion, who are the prominent creditors?

The parent company Genesis Global Holdco, LLC of Genesis Global Capital, a lending platform under DCG, has filed for Chapter 11 bankruptcy protection in the U.S. on Thursday evening. The bankruptcy filing lists the top 50 creditors with debts exceeding $3.5 billion.

Background: DCG Crisis! Genesis-related company files for bankruptcy protection, will DCG's promissory note be honored?

After reviewing the list of creditors, crypto Twitter influencer Hsaka compiled a list of notable institutions, and several creditors have responded to the event in recent days:

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  1. Gemini Trust Company cryptocurrency exchange: Debt of approximately $765 million
  2. Mirana Corp. Bybit investment division: Debt of approximately $151 million
  3. Moonalpha Financial Services Limited parent company of crypto asset commercial bank Beibao Finance: Debt of approximately $150 million
  4. Coincident Capital International, Ltd crypto hedge fund: Debt of approximately $111 million
  5. Donut, Inc developer of crypto savings app Donut: Debt of approximately $78 million
  6. Heliva International Corp with Decentraland CFO Santiago Esponda as creditor contact: Debt of approximately $55 million
  7. VanEck New Finance Income Fund, LP issuer of Bitcoin futures ETF: Debt of approximately $53 million
  8. Plutus Lending LLC whose products include crypto wallet Abra and payment app Plutus: Debt of approximately $30 million
  9. Cumberland DRW LLC crypto market maker: Debt of approximately $18 million
  10. Stellar Development Foundation foundation for Stellar blockchain: Debt of approximately $13 million

Bybit CEO Responds to Debt Issue

Ben Zhou, CEO of Bybit, responded yesterday afternoon to the issue of Mirana Corp. being owed 151 million USD. Ben Zhou stated that Mirana is an investment division under Bybit, managing only a portion of Bybit's assets separately from user funds, and Bybit's revenue products do not involve Mirana.

Furthermore, out of the 151 million USD debt, approximately 120 million USD of collateral positions have been liquidated by Mirana.

What Is the Relationship Between Mysterious Company Heliva International and Decentraland?

Among the list of creditors, Heliva International has a contact person linked to Decentraland's CFO, Santiago Esponda, but Decentraland has not yet responded regarding their relationship with this company.

If the 55 million USD owed to Heliva International is related to Decentraland assets, it may have a certain impact on the operation of this well-known metaverse platform. According to their treasury token information, Decentraland's treasury assets are now only 26.4 million USD.

Additionally, according to The Block's report, Winah Securities, also a Genesis creditor, has a contact person associated with Decentraland advisor Esteban Ordano, who clarified that Winah Securities has no relation to Decentraland.

Genesis creditor Big Time Studios, owed 20 million USD, has its founder Ari Meilich currently serving as a Decentraland advisor, who has not yet commented on the matter.

Note: Esteban Ordano and Ari Meilich are both co-founders of Decentraland.

Cumberland: Bankruptcy Filing Contains Misleading and False Information

Following the release of bankruptcy documents, cryptocurrency market maker Cumberland stated on Twitter that it had settled its lending relationship with Genesis by liquidating the crypto collateral on November 6th of last year, with an outstanding balance of only about 46,000 USD and no further business dealings.

Regarding the 18 million USD debt listed in the bankruptcy documents, Cumberland stated that it contains misleading and false information.