Crypto lending platform Genesis files for bankruptcy

Popular cryptocurrency broker Genesis has filed for Chapter 11 bankruptcy following the meltdown of the FTX exchange, media reports said.

According to bankruptcy documents, the company listed over 1,00,000 creditors in a “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion, reports CNBC.

Genesis is part of the US-based venture capital firm Digital Currency Group (DCG), which also owns cryptocurrency asset manager Greyscale and crypto-focused news outlet CoinDesk.

“We look forward to advancing our dialogue with DCG and our creditors’ advisors as we seek to implement a path to maximise value and provide the best opportunity for our business to emerge well-positioned for the future,” Genesis interim CEO Derar Islim was quoted as saying.