Genesis Claims $5.1B in Liabilities in First-Day Bankruptcy Filing
Three of the institutional crypto brokerage’s entities filed for Chapter 11 protection late Thursday.
Three of the institutional crypto brokerage’s entities filed for Chapter 11 protection late Thursday.
Two Washington, DC-area pensions invested $35 million in a VanEck fund listed as a Genesis creditor.
The Chicago-based firm was listed among Genesis’ creditors in the amount of $18 million, but Cumberland said that’s too high. The document includes “misleading and incorrect information,” Cumberland tweeted.
Genesis Global Capital leads the revised list that un-redacted the names of several creditors.
The unlock, which takes place on Feb. 2, will release 150 million coins worth $202 million and 15% of the total supply.
Investors included the venture arms of Coinbase and Circle, a former FTX portfolio company.
The crypto finance firm filed for Chapter 11 bankruptcy yesterday, with debts around $3.5 billion.
The fund is aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas, and creations through a community-driven decision process.
Individual objectors have sought to delay an FTX hearing in the United States Bankruptcy Court in the district of Delaware scheduled at 10:00 a.m. EST on January 20, 2023 expected to be about whether FTX can retain the services of New York law firm Sullivan & Cromwell (S&C) amid allegations from the U.S. Trustee claiming potential conflicts of interest.
The blacklist manager was unveiled last October and is part of Bitcoin SV’s digital asset recovery process.