genesis has $226 million in claims against ftx

Genesis – one of the major crypto credit units that went bankrupt on Thursday – was registered as FTX's principal unsecured creditor in the Exchange's own bankruptcy documentation.  

The corporation has a $226 million outstanding claim against FTX. 

• Per FTX’s Thursday filing, the defunct exchange has ten customers to whom it owes over $100 million each. 
• Whereas a previous version of the filing already showed claims by the 50 largest creditors of ftx, the revised version revealed the names of those appointed by the United States Trustee in the case to the Formal Unsecured Creditors Committee. One of the named individuals was Genesis, the principal creditor of ftx. 
• Some of the few other names that are no longer redacted include the Hong Kong-based crypto trading firm Pulsar Global, individual creditor Larry Qian, and crypto market maker Wintermute. Each party owes $92.9M, $91.1M and $33M respectively. 
• Genesis itself filed for bankruptcy on Thursday after failing to raise fresh capital in the aftermath of FTX’s collapse. The corporation stated that it had a liability of $5.1 billion. 
• In November, Genesis claimed $175 million was trapped in the FTX.