Genesis Falls Prey To FTX Contagion, Another Crypto Blood Bath

Genesis Files For Bankruptcy

January 20, 2023 Story: Divya Sinha

On Thursday, crypto lender Genesis Global Capital filed for bankruptcy.

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As per the court documents, the company has filed for Chapter 11 bankruptcy in the Southern District of New York.

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The petition listed, $1 billion to $10 billion for estimated assets and liabilities.

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Reports also detailed that the parent group of Genesis i.e Genesis Global Holdco has also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific.

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As per the reports, Genesis Global Holdco said that it is reviewing a potential sale to pay its creditors.

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In addition, it has $150 million in cash to support its restructuring.

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However, Bitcoin which is also the world’s largest crypto is still up 11.58% in 7 days and it is currently trading at $20,961.

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