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Genesis’ House Of Cards: Projects Under Threat Amid Genesis Insolvency

Genesis Global Holdco LLC, a digital asset lender made it to the list of firms filing for bankruptcy after the horrible collapse of the FTX crypto exchange. The FTX contagion has now taken over the numerous crypto projects which have exposure to Genesis.

Genesis Global Holdco, LLC which is completely owned by Digital Currency Group and its two lending subsidiaries filed for Chapter 11 in US bankruptcy court. The firm mentioned that its other subsidiaries which are involved in the derivatives and spot trading and custody businesses are not included in the filings. While those firms will continue client trading operations.

As per reports, Genesis in the court filings stated that it holds more than 100k creditors. While the top 50 unsecured claims amounted to stand around $3.4 billion.

(By Ashish Kumar)

DCG
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