These are critical times, not only for the crypto industry but for each and every sector/industry out there. New economic clusters are forming, US Dollar is losing its dominance and the East is hitting hard against the West. And in the mid-crisis, the bankrupt crypto lending firm Genesis revealed the list of creditors. We will look into it in today’s Crypto-Bulletin.
1. UAE Foreign Trade Minister: Crypto will Play ‘Major Role’ in UAEs Trade
In the past couple of weeks, we have heard about Russia’s efforts to invent a new instrument for international trade, it includes the use of Bitcoin and the very recent, a stablecoin backed by gold. But Russia is not the only country that is interested in crypto or an alternative for international trade, other countries are also looking at these things carefully.
In a recent interview at Davos, the UAE Foreign Trade Minister Thani Al-Zeyoudi commented about crypto and while commenting he mentioned that “Crypto will play a major role in UAE trade going forward.” This indicates that the UAE is serious about using the crypto industry and looking into it as an opportunity to become a crypto hub, which has already started. Thani Al-Zeyoudi stated:
“We started attracting some of the companies to the country with the aim that we will build together the right governance and legal system, which are needed.”
If you have been in the cryptocurrency space for a while then you might know that the UAE, especially Dubai is the hub for crypto criminals. Most of the people involved in crypto scams and fraud tend to flee to Dubai for security. This identity of Dubai, makes UAE look bad but a global effort on cryptocurrency policies will help tackle the issue.
2. Bankrupt Crypto Lender Reveals the Creditors List
Genesis Global, one of the largest cryptocurrency lending firms filed for Chapter 11 Bankruptcy last Thursday. And in a recent court day, they revealed some of the major creditors. Recently, Genesis Global presented the list of major creditors in the Southern Court of New York, and according to the filing, Genesis owes over $3.6 billion to the top creditors.
According to the filing, the top affected creditors are:
- Mirana Corp ($151.5 million)
- Moonalpha Financial Services Limited ($150 million)
- Coincident Capital
- Donut
The very first creditor Mirana Corp has a subsidiary called Mirana Ventures, which manages cryptocurrency investments and is one of the major investors in top crypto players like Animoca Brands, Matter Labs, and many others. Genesis Global owes around $151.5 million to Mirana Ventures.
Secondly, Moonalpha Financial Services Limited which goes by the name Babel Finance has caught up in the mess. Babel Finance is a Hong Kong-based project and has almost $150 million stuck with Genesis Global.
The third largest creditor is Coincident Capital, it is a hedge fund based in the Cayman Islands. With a total of $112 million, Coincident Capital become the third largest creditor in the Genesis Global mess.
The fourth largest creditor is a dApp called Donut. Donut offered their users a steady 6% return on their savings. But with the $78 million exposure to Genesis Global, their services are frozen including the withdrawals. Now the users are stuck with it. It is so unfair to the everyday investors, that the project is collecting their assets in the name of Decentralized Finance and then guiding those assets to Centralized platforms like Genesis Global.
I hope all the retail investor of these affected creditors get their investments back as soon as possible and the frauds of Genesis Global should face something for their wrongdoings (which isn’t happening, I’m sure!)
Hope you found this article informative and get updated about what’s going on in the crypto space, if yes then do follow me at publish0x @CryptoManthan for more content.
Thanks for reading!
