Troubled crypto lender Genesis owes creditors at least $1.8 billion: CoinDesk

Quick Take

  • Genesis owes its creditors at least $1.8 billion, CoinDesk reported.
  • That figure includes $900 million owed to customers of Gemini’s Earn program.

Troubled crypto trading and lending firm Genesis owes its creditors at least $1.8 billion, CoinDesk reported Sunday.

The Financial Times first reported on Saturday that Genesis owes customers of Gemini's Earn program $900 million. In addition to that, Genesis owes another $900 million to a group of assorted creditors, which law firm Proskauer Rose is representing, according to the CoinDesk report, which cited an anonymous source.

In addition to the Proskauer group, there is another ad hoc group of Genesis creditors being represented by law firm Kirkland & Ellis, CoinDesk reported. The amount owed to this group is unknown. Bloomberg reported last week that Proskauer Rose and Kirkland & Ellis are representing groups of Genesis creditors.

Law firm Latham & Watkins is representing the Gemini customers group, according to CoinDesk.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy