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Genesis Global files $1.2B claim against Three Arrows Capital
By Yashasvini Razdan - Jul 18, 2022, 04:55 PM ET
Last Updated - Jun 10, 2024, 02:09 AM EDT
Genesis Global Trading Inc., a subsidiary of Digital Currency Group Inc. has filed a $1.2 billion claim against the beleaguered hedge fund Three Arrows Capital
Genesis Global Trading Inc., a subsidiary of Digital Currency Group Inc. has filed a $1.2 billion claim against the beleaguered hedge fund Three Arrows Capital.
DCG’s Genesis Asia Pacific Ltd. lent Three Arrows $2.4 billion, according to court documents compiled by Three Arrows’ liquidator.
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The filing was accessed by CoinDesk which is also a subsidiary of Genesis. It indicated that Genesis Asia Pacific Pte. Ltd., a subsidiary of Genesis Global, was seeking relief from Three Arrows regarding assets of $1.14 billion, as well as pledged AVAX and NEAR tokens worth a total of $91.3 million.
The filing named more than two dozen entities that in total had lent $3.5 billion worth of dollars and crypto assets to Three Arrows, as of Monday’s market value, though some of those loans may have been partially repaid.
Three Arrows’ second-biggest creditor, Voyager Digital Ltd had earlier filed a claim of $687 million against Three Arrows.
DCG has assumed some of Genesis's liabilities in the case, although it was unclear how much of those liabilities now remained with the crypto broker.
Source - CoinDesk
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