Scoop: Crypto exchange Bitvavo owed up to $300M by Genesis
Bitvavo is due up to $300 million after Bahamas-based FTX collapsed, leaving Genesis Trading and Digital Currency Group owing $1.8 billion.
Cryptocurrency news by Protos · Protos
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Show Notes
European crypto exchange Bitvavo is part of the so-called creditors’ committee that is trying to wrestle more than $1.8 billion back from Barry Silbert’s Genesis Trading and its parent company, Digital Currency Group (DCG). This is according to sources familiar with the matter who spoke directly to Protos.
When Bahamas-based exchange FTX collapsed in November, Genesis was forced to suspend redemptions. As a result, in addition to freezing $175 million of Genesis’ trading assets, it also left Genesis and DCG owing three major creditors — $900 million to the Winklevoss twins’ Gemini, $350 million to a group of investors led by investment firm Eldridge, and $300 million to Bitvavo.
As part of their efforts to claw back their money, Gemini and Bitvavo have formed a creditors’ committee. They have also retained law firm Kirkland & Ellis as legal counsel and global investment bank Houlihan Lokey as financial advisor.
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