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Home Cryptocurrency The founders of Decentraland are among the creditors of the crypto lending platform, Genesis
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The founders of Decentraland are among the creditors of the crypto lending platform, Genesis

Three Decentraland executives, including two co-founders and the platform's chief financial officer, are among the main creditors of bankrupt crypto lender Genesis Global.

Decentraland co-founders Esteban Ordano and Ari Meilich, along with the platform's chief financial officer, Santiago Esponda, are on Genesis' 50 largest unsecured creditors list, which filed for Chapter 11 protection. bankruptcy law in the United States on Thursday.

The crypto lender revealed the names of its main creditors on the same day as its bankruptcy filing: among these are exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck's New Finance Income Fund.

A company called Heliva International Corp is also on the list with a claim of $55 million. The company has listed Decentraland's chief financial officer, Santiago Esponda, as a point of contact.

Besides Esponda, a closer look at the document reveals that the two co-founders of Decentraland are also listed with non-Decentraland email addresses.

Ordano, who is currently an adviser to Decentraland, is listed as the contact for another firm called Winah Securities, to which Genesis owes approximately $27 million. The document shows in particular that Winah is located on the same floor of the same building as Heliva International.

Finally, Genesis owes Big Time Studios, Meilich's video game company, $20 million. According to his LinkedIn profile, Ari Meilich was a co-founder of Decentraland and worked there until April 2020 as a project manager, when he left the platform to start his own company Big Time Studios. He also remains an adviser to Decentraland.

Genesis finally filed for Chapter 11 bankruptcy protection on Thursday, after several weeks of speculation over the crypto lender's financial health. Genesis Global Holdco LLC, along with its subsidiaries Genesis Global Capital LLC and Genesis Asia Pacific Pte, were included in the bankruptcy filing.

According to the filing, the number of creditors of Gemini is estimated at 100,000, while the total amount of its debts and its assets would be between 1 and 10 billion dollars. The other two entities, Genesis Global Capital LLC and Genesis Asia Pacific Pte, estimated their assets and liabilities at $100 million and $500 million, respectively.

According to a Bloomberg article, Genesis wants to use the Chapter 11 procedure to raise funds or sell assets. If these efforts prove unsuccessful, the creditors will become owners of the reorganized business. The company also has $150 million in cash that would be used to fund the bankruptcy process.

Genesis announced it was suspending redemptions and new lending operations in mid-November last year after the FTX exchange collapsed, saying "abnormal withdrawal requests" exceeded its "current liquidity." "

Meanwhile, Genesis has been embroiled in a public dispute with Gemini, founded by Cameron and Tyler Winklevoss. The crypto lender owes over $900 million to Genesis. However, the Winklevoss have publicly voiced their opposition to the way Digital Currency Group (DCG) CEO Barry Silbert has handled the situation and called for his removal as CEO.

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