Wednesday , 29 November 2023

Breaking News: Crypto Lender Genesis Files for Bankruptcy

Genesis Global Holdco, LLC, the holding company of unsettled crypto lender Genesis Global Capital, filed for Chapter eleven bankruptcy security in New York district court late on Thursday. This was always on the cards. The failure of FTX in late 2022 was indeed the final nail in the coffin for Genesis, which had initially announced an economic loss of several hundred million dollars due to its ties to flawed crypto hedge fund Three Arrows Capital. As a result, Genesis has filed for bankruptcy.

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Genesis and Chapter 11 bankruptcy