Genesis Global Files for Bankruptcy Protection

From coindesk.com

Institutional crypto brokerage Genesis Global Holdco filed for Chapter 11 bankruptcy protection late Thursday night in New York federal district court. Since the collapse and bankruptcy of crypto exchange FTX in November, Genesis had been scrambling to raise fresh capital or reach a deal with creditors. The company's institutional lending unit had been forced to suspend redemptions and new originations as a result of the FTX implosion, and – along with parent Digital Currency Group (DCG) – had come under increasing pressure to make good on $900 million of locked deposits. Genesis late last year retained ... (full story)