Cryptocurrency lending company Genesis is seeking Chapter 11 bankruptcy protection as faltering prices and the collapse of FTX Trading continue to rattle the industry.
Genesis filed for bankruptcy on Thursday in the Southern District of New York. Genesis said its other subsidiaries tied to derivatives and spot trading are not included in the filing and continue client trading operations. The company said that it has more than $150 million in cash on hand.
in the industry, which remains largely unregulated in the U.S. and in many markets around the world. Bankruptcy court documents show that the firm's lending unit owes more than $3 billion to its top 50 creditors. The largest claim, The SEC's lawsuit against Gemini and Genesis is part of a broader cryptocurrency crackdown by multiple U.S. government agencies after crypto prices fell sharply last year, exposing mostly retail investors to billions of dollars in losses.
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