The Internal Revenue Service, the Securities and Exchange Commission and the U.S. Attorney’s office for the Southern District of New York were among some of the creditors listed in a court document filed Monday.
Genesis Global Holdco filed for bankruptcy protection last week in the U.S. Bankruptcy Court for the Southern District of New York. When it filed for bankruptcy, the firm said it had more than $150 million in cash on hand to provide “ample liquidity” to support its business operations and facilitate the restructuring process.
Many of the creditors’ names were redacted. Others include law firm Norton Rose Fulbright US LLP and the Stellar Development Foundation, a nonprofit.
The firm took a financial hit following the collapses of the crypto hedge fund Three Arrows Capital and the FTX exchange last year. The firm halted withdrawals and new loan originations from its lending affiliate on Nov. 16. Before that, Genesis Global Trading said its derivatives business had $175 million stuck in FTX following the failure of the crypto exchange.
On Jan. 12, the SEC charged both Genesis Global Capital LLC and Gemini Trust Company LLC with the unregistered offering and sale of securities through the Gemini Earn lending program. The agency said that program was offered to retail investors, some of whom were in the U.S.
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