从三大问题切入，彻底看懂Genesis破产事件来龙去脉

PanewsPublished on 2023-01-23Last updated on 2023-01-23

Abstract

作为FTX崩盘的最新受害者，加密借贷公司Genesis正式向曼哈顿联邦法院申请第11章破产保护。本文将从三个问题入手，让大家深入了解Genesis破产细节及后续发展。

在经历了数月猜测之后，美国当地时间周四深夜，作为FTX崩盘的最新受害者，加密借贷公司Genesis正式向曼哈顿联邦法院申请第11章破产保护。毫无疑问，对于Barry Silbert构建的Digital Currency Group加密帝国而言，Genesis破产将会是一次沉重打击。

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本文将从三个问题入手，让大家深入了解Genesis破产细节及后续发展。

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Genesis的破产申请涉及到哪些方面？

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从去年底开始，Genesis就聘请了投资银行Moelis & Co.，希望探索各种能从困境中脱身的解决方案，然而效果并不尽如人意。一月初，Genesis宣布裁员30%，将员工数量减少至145人。

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事实上，Genesis一直在努力筹集新资金或与债权人达成协议，但其母公司Digital Currency Group需要兑现高达9亿美元的锁定存款成为了压倒Genesis的“最后一根稻草”。2022年11月，也就是FTX陷入破产危机后不久，Genesis Global Capital被迫暂停客户提款，结果伤害了Cameron Winklevoss和TylerWinklevoss两兄弟的加密货币交易所Gemini，Cameron Winklevoss发布公开信谴责DCG创始人Barry Silbert，要求其在1月8日偿付11亿美元期票，但结果可想而知。

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虽然目前尚不清楚、也未披露推动Genesis进入破产程序的“幕后推手”是谁，但很多人猜测就是Gemini交易所。据悉，本次向法院提交破产申请的涉及三家机构，分别是：加密货币借贷机构Genesis Global Capital,LLC、Genesis Asia Pacific Pte.Ltd、以及这两家公司的母公司 Genesis Global Holdco LLC，这三家公司都隶属于Digital Currency Group（DCG）。

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根据向法庭提交的破产文件显示，（与Gemini Earn计划有关联的）Genesis Global Capital一共列出了超过10万名债权人，其资产价值预计在10亿至100亿美元之间，负债金额在10亿至100亿美元之间。Genesis Global Holdco估计其资产价值在1亿至5亿美元之间，负债金额在1亿至5亿美元之间，而Genesis Asia Pacific的资产价值和负债金额估计均在1亿至5亿美元之间。

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Genesis的“窟窿”到底有多大？

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根据周四晚间公布的破产申请， Genesis在去年11月冻结提款后的几周内负债高达51亿美元，其中欠其前50名债权人超过35亿美元，这些公司主要参与了Genesis的加密货币借贷业务，该业务去年因对冲基金三箭资本和加密货币交易所FTX的内爆而受到冲击，其中：

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欠Gemini Trust Company公司约7.66 亿美元；

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欠交易巨头Cumberland DRW约1870万美元；

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欠加密货币基金Mirana（ByBit投资部）约1.515亿美元；

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欠MoonAlpha Finance（Babel Finance的背后团队）约1.5亿美元；

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欠VanEck的New Finance Income Fund基金约5300万美元；

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欠Heliva International Corp公司约5500万美元。

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而DCG欠Genesis超过 16.5 亿美元，包括今年 5 月到期的 5.75 亿美元贷款和 2032 年 6 月到期的 11 亿美元本票。

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还有一些债权人信息已被删除，包括一个不知名的债权人被欠4.622亿美元，另一个被欠2.3亿美元。值得一提的是，加密货币交易公司Cumberland DRW对Genesis Global Capital列入的金额提出异议，表示已于2022年11月份清算对 Genesis 1800 万美元全额抵押贷款，未清余额约为46,064.34美元，对 Genesis 没有额外的风险敞口。

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更严重的是，Genesis破产还可能会对比特币产生更广泛的影响，由于Genesis和数字资产管理公司灰度（Grayscale）都属于同一家母公司DCG，市场普遍担忧Genesis破产导致DCG破产，进而引发灰度运营的比特币信托基金Grayscale Bitcoin Trust (GBTC)的巨额清算。

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Genesis破产后续故事会如何发展？

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此前，SBF一再否认他在Alameda Research中扮演的核心角色，也不认可相关欺诈活动，而Genesis在Alameda Research拥有高达25亿美元的敞口。在2022年11月FTX破产后，Genesis还承认有价值约1.75亿美元的资产被“锁定”在FTX平台上，这种螺旋式上升的财务风险使其陷入泥潭而难以自拔。

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随着正式进入破产程序，Genesis后续故事又将如何发展呢？

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现阶段，Genesis及其顾问一直在与债权人和母公司DCG的顾问进行持续讨论，以评估保护资产和推动业务发展的最有效途径，Genesis现已开始法院监督的重组程序（Moelis & Company将担任财务顾问、Cleary Gottlieb Steen & Hamilton LLP担任法律顾问、Alvarez & Marsal担任重组顾问），以进一步推进这些讨论并为其贷款业务达成整体解决方案。Genesis透露，他们手头仍持有超过1.5亿美元现金，将提供充足的流动性来支持其正在进行的业务运营并促进重组过程。

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值得庆幸的是，Genesis涉及衍生品和现货交易及托管业务的其他子公司以及Genesis Global Trading未包括在破产申请备案中，这意味着相关实体可以继续开展客户交易业务（贷款业务的赎回和新贷款发放仍将暂停）。

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此外，Genesis还提出了一份“退出路线图”，包括建立一个框架并通过建立一个信托来解决所有索赔问题将资产分配给债权人，并将考虑采用双轨流程来寻求出售、融资和/或证券化交易。Genesis公司还将启动营销和销售流程，将Genesis Global Holdco公司的资产货币化或以其他方式筹集资金，使用交易收益公平公正地支付债权人。如果营销过程没有导致出售或融资，债权人将获得重组后Genesis Global Holdco公司的所有者权益，重组过程所涉及到的各个方面均由公司董事会的独立特别委员会监督。

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Genesis临时首席执行官Derar Islim解释说：“最近的特殊挑战（包括三箭资本违约和FTX破产）造成了加密行业出现严重流动性问题，虽然Genesis在完善业务计划以解决相关问题方面取得了重大进展，但庭内重组是保护资产最有效的途径，也能为所有Genesis利益相关者创造最佳结果。在Genesis努力寻求公平解决方案的过程中，我们非常感谢客户一直以来的耐心和合作。”

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Genesis独立董事Paul Aronzon则表示： “Genesis已经制定了一个深思熟虑的流程和路线图，相信可以通过该路线图为客户和其他利益相关者找到最佳解决方案，并且期待推进与DCG和债权人顾问的对话，因为Genesis希望寻求实施一条价值最大化的道路，并为我们的业务提供最佳机会、为未来做好准备。”

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总结

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就目前而言，FTX崩盘的余波仍在影响加密货币行业，而且似乎并没有快速消散的迹象。随着Genesis进入破产程序，市场或许还将经历一段时间的震荡。

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虽然不知道FTX崩盘还会引发哪些加密公司爆发危机，但是我们希望，Genesis是最后一个。

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