• The Stellar Development Foundation was revealed to be one of the largest creditors of Genesis, a bankrupt crypto lending desk, with a claim of $13 million.
• The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.
• According to its website, the Stellar Development Foundation currently holds 30 billion XLM, placing the paper value of its treasury above $200 million.
The Stellar Development Foundation (SDF) has been revealed to be one of the largest creditors of the now-bankrupt crypto lending desk, Genesis. The SDF has a claim of $13 million against Genesis, according to bankruptcy filings.
The SDF is a non-profit organization set up to promote growth on the Stellar blockchain. It is well known for its Stellar Lumens (XLM) project and its commitment to the development of a global financial network. The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.
According to its website, the SDF currently holds 30 billion XLM, placing the paper value of its treasury above $200 million. This is an impressive sum, and it is likely that the SDF was able to sustain itself despite the bankruptcy of Genesis.
The SDF has stated that the claim of $13 million does not impact the foundation’s operations in any way. This is likely due to the fact that the claim represents a relatively small portion of their overall treasury. The SDF has also expressed its commitment to the development of the Stellar blockchain, and its continued support of the global financial system.
The SDF’s involvement with Genesis is a reminder of the importance of due diligence when it comes to investing in cryptocurrencies. Although the SDF has managed to weather the bankruptcy of Genesis relatively unscathed, the entanglement could have been avoided had the SDF taken the necessary precautions before investing.
Overall, the SDF’s claim against Genesis is a minor issue in comparison to the overall state of the Stellar network. The foundation’s commitment to the development of the Stellar blockchain and its support of the global financial system is still intact. With a paper value of its treasury above $200 million, the SDF remains one of the most influential organizations in the cryptocurrency space.