Crypto lender Genesis files for bankruptcy as the fallout from FTX's collapse continues
Crypto lender Genesis Global Holdco filed for bankruptcy protection Thursday, the latest firm to fall victim to the past year's rout in digital assets and the repercussions of FTX's collapse.
The company and two of its lending arms, Genesis Global Capital and Genesis Asia Pacific, filed voluntary petitions under chapter 11 of the US Bankruptcy Code, citing"liquidity issues". It has over 100,000 creditors, with assets and liabilities ranging from $1.
The filing comes as Genesis and its parent company Digital Currency Group face financial woes resulting from the collapses of high-profile crypto companies such as FTX and Three Arrows Capital. The Financial Times reported that Genesis owes its creditorsGenesis in November halted redemptions following FTX's implosion and warned at the time that bankruptcy was possible unless it could find fresh capital.
Turmoil at the crypto giant leaked over to its lending partner Gemini, a cryptocurrency platform headed by Cameron and Tyler Winklevoss. It sparked a public spat between the two crypto firms given Genesis owes Gemini more than $900 million under an interest-bearing program. by the Securities and Exchange Commission for the offer and sale of unregistered securities.
According to reports, Genesis has more than $150 million in cash which will support the company through its restructuring process.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Crypto Lender Genesis Files for Bankruptcy, Ensnared by FTX CollapseBreaking: Genesis Global and two of its lending subsidiaries filed for bankruptcy protection, the latest domino to fall after the failure of exchange giant FTX
Leer más »
Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spreadThe firm is the latest domino to fall amid an ongoing crypto rout, saying it has as much as $10 billion in liabilities.
Leer más »
Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empireGenesis, the crypto lender owned by DCG, filed for bankruptcy protection, the latest collapse to follow FTX's implosion in November.
Leer más »
Genesis' Crypto Lending Businesses Files for Bankruptcy ProtectionThe collapse of FTX in late 2022 was the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.
Leer más »
Crypto lender Genesis files for bankruptcyGenesis Global filed for bankruptcy protection in New York. The firm has estimated liabilities of $1 billion to $10 billion with estimated assets in the same range.
Leer más »
Crypto lending unit of Genesis files for U.S. bankruptcyThe lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi.
Leer más »