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Crypto giant Genesis files for bankruptcy

According to Financial Times, Genesis Global Capital, a crypto lending and trading giant with more than 200 companies, filed for bankruptcy late Thursday as the effects of the collapse of the FTX market continued.

The business, which is one of the largest lenders to FTX, had already stopped accepting withdrawals in November and reduced its workforce by 30% earlier this month.

The crypto company had been in financial difficulties for months after FTX’s demise and its prior exposure to collapsed crypto hedge fund Three Arrows Capital in the same year, 2022, when it filed for bankruptcy.

Genesis Global Capital projected more than 100,000 creditors, between $1 billion and $10 billion in obligations, as well as assets, in its filing, which was issued late on Thursday. The assets and liabilities of the other two companies were believed to be between $100 million and $500 million, respectively.

According to the bankruptcy filing, the business owes more than $3.5 billion to its top 50 creditors, including cryptocurrency exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance, and VanEck’s New Finance Income Fund.

According to a recent Coindesk story, the Crypto lender is now owed $226.3 million by FTX.com and its connected entities, making it the largest unsecured creditor.

Just like FTX’s bankruptcy impacted many other parts of the crypto industry, this development threatens to spread the crypto contagion even further.

 

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