Crypto Lender Genesis Files for Bankruptcy as Crisis Spreads ❗️

Digital Currency Group-owned crypto lending platform Genesis has reportedly filed for Chapter 11 bankruptcy protection in the Southern District of New York. Specifically, Genesis Global Holdco, LLC and its subsidiaries Genesis Asia Pacific Pte. Ltd and Genesis Global Capital, LLC filed a trio of voluntary petitions with the bankruptcy court.

According to the filing, Genesis Global Capital estimated both assets and liabilities to be within the range of null billion to $10 billion, while the two other entities estimated their assets and liabilities in the $100 million and $500 million range. The filing also revealed that Genesis has over 100,000 creditors, with the top 50 unsecured claims amounting to about $3.4 billion.

Crypto Lender Genesis Files for Bankruptcy as Crisis Spreads](https://www.bloomberg.com/news/articles/2023-01-20/crypto-lender-genesis-files-for-bankruptcy-as-crisis-spreads)) Cryptocurrency lender Genesis Global Holdco LLC filed for bankruptcy, the latest firm to collapse in the aftermath of the FTX exchange’s swift downfall and last year’s rout in digital assets.