NEW YORK (BLOOMBERG) – A creditor list of bankrupt crypto hedge fund Three Arrows Capital puts the interconnected nature of the industry on display, with lenders ranging from some of the biggest digital asset firms to the wife of co-founder Kyle Davies.

At the top is Digital Currency Group (DCG), the parent company of crypto brokerage Genesis, which filed a US$1.2 billion (S$1.7 billion) claim against Three Arrows, according to people familiar with the matter who reviewed a court filing.

Ms Kelly Chen Kaili, the wife of Mr Davies, filed a claim of about US$66 million, the filing also shows, and co-founder Zhu Su himself submitted a US$5 million claim. It is not immediately clear how Three Arrows was structured to allow Mr Zhu to be a creditor.

The full extent of the impact of Three Arrows’ implosion on the industry is starting to emerge as it undergoes a liquidation process ordered by a British Virgin Islands court.

Celsius Network and Voyager Digital, which both filed for bankruptcy in recent weeks, are among other creditors taking a hit from Three Arrows. Deribit, a crypto derivatives exchange, has a US$80 million claim filed under the entity name DRB Panama.

Three Arrows has become emblematic of the industry’s excesses during last year’s bull run, when firms built up leverage that hobbled them as the market turned. Its downfall has rippled through the digital asset industry, leading to some, such as BlockFi, seeking rescue funding, while others filed for bankruptcy protections.

The whereabouts of Mr Zhu and Mr Davies are still unknown, liquidators have said. Mr Davies told the Wall Street Journal earlier that the fund had roughly US$3 billion in assets under management in April before crypto markets crashed.

Genesis, founded by crypto entrepreneur twins Tyler and Cameron Winklevoss, had earlier disclosed that it was exposed to Three Arrows, and a July 9 filing in Singapore’s High Court lists a US$2.36 billion loan to the fund from Genesis Asia Pacific.

Genesis sold collateral and hedged its downside once Three Arrows failed to meet a margin call, Genesis chief executive officer Michael Moro said in a series of tweets this month, without specifying the hedging strategy it employed. DCG has since assumed some of these liabilities.

“Both the DCG and Genesis balance sheets remain strong. With no remaining exposure to Three Arrows Capital, Genesis continues to be well-capitalised and its operations are business as usual,” a spokesman for DCG said in an e-mailed statement.