of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi.
Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection It added that Genesis’s derivatives and spot trading, broker dealer and custody businesses were not part of the bankruptcy process and would continue their client trading operations. About an hour after the bankruptcy filing, Cameron Winklevoss tweeted that Silbert and DCG continued to deny creditors a fair deal.
Genesis brokered digital assets for financial institutions such as hedge funds and asset managers and had almost $3-billion in total active loans at the end of the third quarter, down from $11.1-billion a year earlier, according to its website.Last year, Genesis extended $130.6-billion in crypto loans and traded $116.5-billion in assets, according to its website.
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