Cumberland and Mirana Ventures criticize 'sloppy' Genesis bankruptcy filing

Quick Take

  • Trading firm Cumberland and investment firm Mirana Ventures have said there are inaccuracies in Genesis Global’s bankruptcy filing.
  • Cumberland said the filing contained contained “misleading and incorrect” information and Mirana described it as “sloppy.”

Crypto trading firm Cumberland and investment firm Mirana Ventures complained of inaccuracies in Genesis Global's bankruptcy filing, describing it as "misleading and incorrect" and "sloppy."

The lending arm of trading firm Genesis filed for Chapter 11 bankruptcy protection late Thursday. The filing included a list of its top 50 unsecured claims, totaling more than $3.6 billion. The claims feature several high-profile crypto firms, including $30 million owed to Plutus Lending, a division of the crypto platform Abra, and a $53 million to VanEck's New Finance Income Fund.

The creditor contact for the fifth largest claim, Jonathan Allen, however, called the filing "sloppy" and full of inaccurate information. Allen, who is a managing partner for Mirana Ventures, is listed as the contact for the Mirana Corporation's $151 million claim.

"Mirana Ventures is not a creditor and has no exposure to this. I have no connection to Mirana AM and much of the info including the amount is incorrect," said Allen on Twitter, noting that Mirana Asset Management and Mirana Ventures are two separate entities under the Mirana investment arm. He declined to comment further when contacted by The Block.

Bybit connection

Sean Tan has been most recently listed as running Mirana Asset Management. It's described as one of the largest proprietary digital asset portfolios globally. ByBit and Tan did not immediately respond to a request for comment.

Crypto exchange Bybit's CEO Ben Zhou said on Twitter that Mirana is the investment arm of Bybit and that it only manages company assets. Mirana Ventures is listed online as a venture partner to Bybit and BitDAO. 

"Client fund is separated [and] Bybit earn product doesn’t use Mirana," Zhou said. He also highlighted that around $120 million of the $151 million were collateralized positions that had been liquidated.

Genesis Global and its lawyers also did not immediately respond to a request for comment on the claims.

It was a similar story for trading firm Cumberland, who said the filing contained "misleading and incorrect" information. The firm said it paid down a Genesis loan from $18 million in November to just over $46,000 by surrendering its collateral. 

"We have established no further borrows from Genesis and have no additional exposure,” the firm said in a statement Friday.

Altcoinomy, Genesis Global’s 13th largest creditor, told The Block the filing was also incorrect for its claim. Around 200 bitcoins were missing from its claim, which would bring the amount owed to around $66 million rather than the $61 million currently listed and some of the contact information listed was also incorrect, said Oliver Cohen, the founder and chief operating officer of Altcoinomy.

This article has been updated with new information from Altcoinomy (alt.co)


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