Creditor of bankrupt Genesis has ties to Fairfax County pension funds - report

Bankrupt cryptocurrency firm Genesis Global Holdco owes its top 50 creditors over $3.5B, one of whom has ties to two pension funds in Fairfax County, Virginia. The company, which is the parent firm of crypto lender Genesis Global Capital, filed for bankruptcy late last night as it buckled under losses after the collapse of crypto exchange FTX and hedge fund Three Arrows Capital. Its creditors include the New Finance Income Fund from ETF manager VanEck with a $53M claim against Genesis, CoinDesk reported . The fund offers income for investors via short-term lending arrangements with crypto entities. Last year, the fund received $35M investment from the Fairfax County Employees' Retirement System and Fairfax County Police Officers Retirement System. "VanEck is aware of the Genesis bankruptcy filing, and we hope and expect that Digital Currency Group is stepping up to support Genesis creditors," the global asset manager said in a tweet on Friday. Genesis is part of venture capital firm Digital Currency Group. Earlier, Tokens.com ( OTCQB:SMURF ) disclosed an open loan facility with Genesis Global Capital .