Genesis' Crypto Lending Businesses File for Bankruptcy Protection

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The collapse of FTX_Official in late 2022 was the final straw for GenesisTrading, which earlier in the year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.

after being pummeled by two of 2022's biggest industry collapses.

In its filing, Genesis Global Capital, the partner firm to Gemini's defunct Earn program, estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. The two other entities estimated their assets and liabilities in the $100 million and $500 million range, respectively.

In its filing, Genesis Global Capital said it expects that through the restructuring process, there will be money left over to pay unsecured creditors – a group that can get wiped out in bankruptcy cases if the situation is extremely dire.forced to suspend

 

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FTX_Official GenesisTrading who?

FTX_Official GenesisTrading Another day, another Crypto bankruptcy. SHOCKER. Ever wonder who paid for the all Crypto bro's McClaren's and lavish lifestyles? Investors in a scam. Doesn't anyone watch American Greed?

FTX_Official GenesisTrading Bock a ticket on MetaGoldVerse to go to the moon in 2023

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