Crypto lending firm Genesis files for bankruptcy
by Mitchell Clark from The Verge - All Posts on (#6810W)
Illustration by Alex Castro / The Verge Genesis, a crypto lending and trading conglomerate of more than 200 businesses, has filed for bankruptcy following the meltdown of the FTX exchange, the Financial Times reports. Genesis, one of FTX's biggest lenders, had previously suspended withdrawals in November, and cut 30 percent of its staff earlier this month, BBC News reports. Genesis is part of the Digital Currency Group (DCG), which also owns cryptocurrency asset manager Greyscale and crypto-focused news outlet CoinDesk.
The bankruptcy follows months of uncertainty at the crypto firm. The Financial Times reported earlier this month that Genesis owes its creditors over $3 billion, including almost a billion to the customers of the Winklevoss crypto exchange Gemini. Its Chapter...