Genesis Files for Bankruptcy
Main page News, Cryptocurrency
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Jan. 20, 2023

DCG-owned cryptocurrency lending platform Genesis Global Capital has filed for Chapter 11 bankruptcy.

The filings have reportedly been made by Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital.

According to the document, the company has more than 100,000 creditors with assets and liabilities ranging from $1 billion and $10 billion.

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The company's management expects to be able to raise funds for unsecured creditors during the restructuring process.

Genesis has proposed a roadmap for exiting the crisis that includes a Chapter 11 plan that provides a framework for the global resolution of all claims through the creation of a fiat money fund that will distribute assets among creditors.

It should be noted that Genesis' derivatives and spot trading, brokerage and custody activities are not part of Chapter 11 and trading operations with its clients continue.

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