Crypto lending firm Genesis files for bankruptcy

that Genesis owes its creditors over $3 billion, including almost a billion to the customers of the Winklevoss crypto exchange Gemini. Its Chapter 11 bankruptcy filings list assets and liabilities in the hundreds of millions for Genesis, while one subsidiary — Genesis Global Capital — has assets and liabilities stretching into the billions, with over 100,000 creditors.

Last November, several outlets reported that Genesis had been trying to raise over $1 billion from various investors, including Binance. The exchange, which previously

🎶 'Another one bites the dust' 🎶

Sounds like Crypto is going great.

omg trully unexpected. I had many friends work in their umbrella companies for years in Kyiv

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Genesis' Crypto Lending Businesses Files for Bankruptcy ProtectionThe collapse of FTX in late 2022 was the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital. withdraw bitcoin WHILE YOU CAN What a surprise. Absolutely shook 4)
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Crypto lending unit of Genesis files for U.S. bankruptcyThe lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. withdraw bitcoin and bankrupt them all “Cryptocurrency is not merely a bad investment or speculative bubble. It’s worse than that: it’s a full-on fraud.”
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