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Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure

Crypto trading firm Cumberland DRW has disputed the amount Genesis Global Capital, the crypto lender that filed for Chapter 11 bankruptcy protection in the U.S. on Thursday, says it owes Cumberland.

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," in a Friday tweet.

"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 $46,064.34, consistent with our November tweet. We have established no further borrows from Genesis and have no additional exposure."


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