three leaders of Decentralizedincluding two co-founders and the platform’s CFO, are among the bankrupt crypto lender’s top creditors Genesis Global.
The co-founders of Decentraland, Stephen Ordano et Ari Meilichas well as the financial director of the platform, santiago espondaare in the list of the 50 largest unsecured creditors of Genesis, which filed for Chapter 11 bankruptcy protection in the United States on Thursday.
The crypto lender revealed the names of its main creditors the same day it filed for bankruptcy: among these is the exchange Geminithe trading giant Cumberland, Mirana, MoonAlpha Finance and the New Finance Income Fund of VanEck.
A company called Heliva International Corp is also on the list with a claim of $55 million. The company listed Decentraland CFO Santiago Esponda as a point of contact.
Besides Esponda, a closer look at the document reveals that the two Decentraland co-founders are also listed with non-Decentraland email addresses.
Ordano, who is currently an advisor to Decentraland, is listed as the contact for another company called Winah Securities, to which Genesis owes approximately $27 million. The document shows in particular that Winah is located on the same floor of the same building as Heliva International.
Finally, Genesis owes $20 million to Big Time Studios, Meilich’s video game company. According to his LinkedIn profile, Ari Meilich was a co-founder of Decentraland and worked there until April 2020 as a project manager, when he left the platform to start his own company Big Time Studios. He also remains an adviser to Decentraland.
Genesis finally filed for Chapter 11 bankruptcy protection on Thursday, after several weeks of speculation about the crypto lender’s financial health. Genesis Global Holdco LLC, and its subsidiaries Genesis Global Capital LLC et Genesis Asia Pacific Ptewere included in the bankruptcy filing.
According to the filing, the number of creditors of Gemini is estimated at 100,000, while the total amount of its debts and its assets would be between 1 and 10 billion dollars. The other two entities, Genesis Global Capital LLC and Genesis Asia Pacific Pte, estimated their assets and liabilities at $100 million and $500 million, respectively.
According to a article from Bloomberg, Genesis wants to use the Chapter 11 procedure to raise funds or sell assets. If these efforts prove unsuccessful, the creditors will become owners of the reorganized business. The company also has $150 million in cash that would be used to fund the bankruptcy process.
Genesis announced it was suspending buyouts and new loans in mid-November last year after the FTX exchange collapsed, saying “abnormal withdrawal requests” exceeded its “current liquidity.” “
Meanwhile, Genesis has been embroiled in a public dispute with Gemini, founded by Cameron et Tyler Winklevoss. The crypto lender owes Genesis over $900 million. However, the Winklevoss have publicly expressed their opposition to how the CEO of the Digital Currency Group (DCG), Barry Silberthandled the situation and demanded his removal from the position of CEO.
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