Does Genesis owe creditors $3bn?

Genesis, DCG’s wholly owned subsidiary, was one of the biggest lenders in the crypto market, allowing customers to lend out their coins in return for high yields. However, it halted customer withdrawals in November after the implosion of FTX, blaming “unprecedented market turmoil”. Genesis owes creditors more than $3bn, two of the people said.

Why did Genesis default on a 3AC loan?

When Three Arrows failed to provide the required collateral, Genesis sent a notice of default, stating that the entire loan balance was due. Last month, sources told CoinDesk that Genesis faced losses in the "hundreds of millions" because of its exposure to Three Arrows Capital, which is also known as 3AC.

Who owns Genesis crypto?

Genesis and its owner, SoftBank-backed crypto conglomerate Digital Currency Group, have been in negotiations with creditors since November.

Did Genesis Asia Pacific make claims for breached three arrows capital loans?

A list of creditor claims on the document reveals that Genesis Asia Pacific Pte. Ltd. made demands for breached Three Arrows Capital loans totaling $2.36 billion.