Cumberland Disputes Claims On Genesis Totaling $18 Million
Key Points:
- In November 2022, Cumberland DRW stated that it has fulfilled its $18 million fully secured debt to Genesis.
- Genesis has been informed that it has finished the liquidation of its cryptocurrency and has sent funds to Cumberland’s counterpart in order to satisfy the debt.
Cumberland DRW, a cryptocurrency trading business, objected to the amount contained in Genesis Global Capital. Cumberland was owed $18 million by Genesis Global Capital, according to the company.
Cumberland DRW announced in November 2022 that it has settled its $18 million fully secured debt to Genesis. Since then, Genesis has been told that it has completed the liquidation of its cryptocurrency and handed over cash to Cumberland’s counterpart to settle the loan, which was described as “misleading and incorrect information” in the Genesis bankruptcy filing, with an outstanding balance of approximately $46,064.34 and no additional exposure to Genesis.
Genesis owes more than $3.5 billion to the top 50 creditors, including Cumberland ($18 million), as previously reported. With bonds totalling $226.3 million dollars, Genesis Global Capital has become the largest unsecured creditor of FTX.com and its affiliates. Furthermore, on January 20, Genesis Global and its affiliated organizations filed for bankruptcy, claiming that the parent company Digital Currency Group (DCG) owes its subsidiary Genesis more than $1.65 billion. A special committee of the board of directors of GGH, the Genesis entity’s holding company, is investigating funding operations between GGC and DCG to see whether the bankrupt corporation has viable claims against this firm that might aid in restructuring.
Genesis invested in the failed hedge fund Three Arrows Capital and the defunct cryptocurrency exchange FTX. Genesis was forced to limit withdrawals in its lending sector immediately after FTX’s Chapter 11 filing in November, with Gemini, the crypto exchange controlled by Cameron and Tyler Winklevoss, being a prominent customer. Since then, CEO Cameron Winklevoss has publicly chastised Genesis, DCG, and its CEO, Barry Silbert.
Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd., and Genesis Global Capital LLC all filed papers for Chapter 11 bankruptcy protection late Thursday night.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Cumberland Disputes Claims On Genesis Totaling $18 Million
Key Points:
- In November 2022, Cumberland DRW stated that it has fulfilled its $18 million fully secured debt to Genesis.
- Genesis has been informed that it has finished the liquidation of its cryptocurrency and has sent funds to Cumberland’s counterpart in order to satisfy the debt.
Cumberland DRW, a cryptocurrency trading business, objected to the amount contained in Genesis Global Capital. Cumberland was owed $18 million by Genesis Global Capital, according to the company.
Cumberland DRW announced in November 2022 that it has settled its $18 million fully secured debt to Genesis. Since then, Genesis has been told that it has completed the liquidation of its cryptocurrency and handed over cash to Cumberland’s counterpart to settle the loan, which was described as “misleading and incorrect information” in the Genesis bankruptcy filing, with an outstanding balance of approximately $46,064.34 and no additional exposure to Genesis.
Genesis owes more than $3.5 billion to the top 50 creditors, including Cumberland ($18 million), as previously reported. With bonds totalling $226.3 million dollars, Genesis Global Capital has become the largest unsecured creditor of FTX.com and its affiliates. Furthermore, on January 20, Genesis Global and its affiliated organizations filed for bankruptcy, claiming that the parent company Digital Currency Group (DCG) owes its subsidiary Genesis more than $1.65 billion. A special committee of the board of directors of GGH, the Genesis entity’s holding company, is investigating funding operations between GGC and DCG to see whether the bankrupt corporation has viable claims against this firm that might aid in restructuring.
Genesis invested in the failed hedge fund Three Arrows Capital and the defunct cryptocurrency exchange FTX. Genesis was forced to limit withdrawals in its lending sector immediately after FTX’s Chapter 11 filing in November, with Gemini, the crypto exchange controlled by Cameron and Tyler Winklevoss, being a prominent customer. Since then, CEO Cameron Winklevoss has publicly chastised Genesis, DCG, and its CEO, Barry Silbert.
Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd., and Genesis Global Capital LLC all filed papers for Chapter 11 bankruptcy protection late Thursday night.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
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