Genesis total debt, by creditor 2023| ��ƽ��

Debt owed by Digital Currency Group (DCG) subsidiary Genesis to various parties as of January 2023

Characteristic	Company description (Country of origin)	Debt in million U.S. dollars
Total	n/a	3,000
Gemini group # 1: "Earn" program	Program tied to crypto exchange Gemini, represented by law firm Latham & Watkins (United States)	900
Genesis group # 2 - Miscellaneous creditors	Group of creditors, represented by law firm Proskauer Rose (United States)	900*
Bitvavo	Crypto exchange (Netherlands)	303
FTX	Crypto exchange, collapsed in November 2,022	175
Donut	DeFi saving firm (United States/Germany)	Unspecified
Unknown	Ad hoc group of creditors, represented by law firm Kirkland & Ellis (United States)	Unspecified
Digital Currency Group (DCG)	Crypto venture capital firm, Genesis' parent company (United States)	-575

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Release date

January 2023

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Region

Worldwide

Survey time period

January 2023

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The figures have been taken from and checked against several publications.

Supplementary notes

* Not much is known on the "Proskauer Rose" group of Genesis creditors. CoinDesk - also a subsidiary of Digital Currency Group (DCG) - claimed in November 2022 that this group also claimed a 900 million USD debt. This figure did not return in later reportings. The exact claims from Gemini were heavily disputed in a Twitter thread in January 2023 between Barry Silbert, CEO of DCG, and Cameron Winklevoss, co-founder of Gemini.

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Crypto broker Genesis owes creditors billions worth of debt, most of which to the Winklevoss twins' crypto exchange Gemini. This is according to various pieces of research and conversations held by multiple sources since November 2022. Genesis is a major crypto lender that allowed "staking" - a practice where people could loan out their cryptocurrencies to Genesis for high interest. This company is part of Digital Currency Group (DCG), a crypto venture capital firm with investments in Coinbase, Kraken, and Blockchain.com, but also the now-insolvent FTX. Genesis' already had problems in June 2022 - when crypto investment fund Three Arrows Capital collapsed, to which Genesis filed a 1.2 billion U.S. dollar claim - but those continued during the FTX collapse in November 2022 as it had to halt customer withdrawals. The broker, insider information from January 2023 stated, had debts to U.S. crypto exchange Genesis and the Netherlands' largest crypto exchange Bitvavo. The story gained much media traction, as it highlighted the vulnerabilities of the crypto market amidst the so-called "crypto winter" and a potential further case for regulation of the industry. This was accelerated further on January 12, when the U.S. Securities and Exchange Commission (SEC) announced investigations into both DCG and Gemini.