• Genesis Global Capital is FTX’s largest unsecured creditor, with a claim against the exchange worth $226 million.
• FTX’s Thursday bankruptcy filing lists ten customers owed over $100 million each.
• Genesis was appointed by the U.S. Trustee to the Official Committee of Unsecured Creditors.
The crypto-lending giant Genesis Global Capital has been revealed as FTX’s largest unsecured creditor, according to the exchange’s Thursday bankruptcy filing. Genesis has an unliquidated claim against FTX worth $226 million.
The filing lists ten customers to whom FTX owes over $100 million each. In addition, the revised version of the filing has revealed the names of those appointed by the U.S. Trustee in the case to the Official Committee of Unsecured Creditors.
One of these appointees is Genesis, making them FTX’s top creditor. The other names listed include Apollo Global Management, Inc., Fidelity Investments, and JPMorgan Chase & Co.
Genesis itself filed for bankruptcy on Thursday, citing a “substantial decline” in the crypto-lending market. The filing revealed that the firm is $2.5 billion in debt and that it owes a total of $1.5 billion to its creditors.
The filing also stated that Genesis is seeking to liquidate its assets in order to pay back its creditors. One of the assets in question is its claim against FTX.
The filing goes on to say that Genesis has been in negotiations with FTX to settle its claim, but that it has “not been successful in reaching a resolution that would adequately protect the interests of its creditors.”
The matter is now in the hands of the U.S. Bankruptcy Court, which will decide how to best proceed. It is not clear at this time if FTX will be able to pay back its creditors, or if Genesis’ claim will be reduced.
The filing also revealed that FTX has amassed a total of $8.6 billion in liabilities, including the $226 million owed to Genesis.
The news of FTX’s bankruptcy filing has sent shockwaves through the crypto community, as many are wondering what the future holds for the exchange. It remains to be seen if FTX will be able to pay back its creditors, or if its assets will be liquidated.
Either way, the news has put a spotlight on Genesis and its claim against FTX. It is now up to the U.S. Bankruptcy Court to decide what happens next.