Crypto trading firm CumberlandSays says DCGco's Gen_Capital, the lender that filed for Chapter 11 bankruptcy protection in the U.S. on Thursday, gave an inaccurately high amount for what it owes Cumberland. JamieCrawleyCD reports
The Chicago-based firm was listed in a bankruptcy document as a Genesis creditor in the account of $18 million. Cumberland described its inclusion in he bankruptcy filing as"misleading and incorrect information,""Under the terms of our agreement, on November 16, we notified them that we were surrendering our cash collateral and liquidating their crypto to close out the loan," Cumberland said."This left an outstanding balance due to us of approximately $46,064.
In its bankruptcy filing, Genesis Global Capital estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. Parent company Genesis Global Holdco and partner firm Genesis Asia Pacific estimated their assets and liabilities in the $100 million and $500 million range, respectively.
All three entities fall under the umbrella of Digital Currency Group, which is also the parent company of CoinDesk.
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