The Stellar Development Foundation, a nonprofit established to promote the growth of the Stellar blockchain, was revealed as one of the largest creditors of crypto lending giant Genesis, filing for bankruptcy protection Thursday.
The Stellar Development Foundation is lent approximately $13 million to Genesis in 2022, according to thefile bankruptcy But Stellar insists that money “immaterial” compared to the rest of the treasury. and does not affect the operation of the project in any way. According to a Stellar Development Foundation representative,
according towebsite ofThe company states that “the Stellar Development Foundation currently has 30 billion XLM to be used to promote and enhance Stellar.”
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