What creditors can expect from Genesis’ bankruptcy — and what others can learn

What's waiting for Genesis' creditors after its bankruptcy?

The holding company of troubled crypto lender Genesis Global Capital, Genesis Global Holdco LLC, filed for Chapter 11 bankruptcy protection in New York on Jan. 19. Genesis is the latest crypto platform to file for bankruptcy, joining Celsius, Voyager, BlockFi and FTX.

Despite this disparate treatment, a clear trend emerging is toward preserving anonymity — creditor names in the FTX and BlockFi cases remain under seal too — which is illustrative of how the Chapter 11 process is changing to adapt to the crypto space.An unsecured creditors’ committee comprises creditors holding uncollateralized claims whose role is to advocate on behalf of the interests of unsecured creditors.

Interestingly, crypto creditors have been attaching screenshots of their account balances to their proofs of claim. Aside from the unusual nature of this supporting documentation, some creditors may not have any documentation whatsoever. For instance, FTX creditors cannot access their account balances because the platform is offline.

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