Breaking: Genesis Global and two of its lending subsidiaries filed for bankruptcy protection, the latest domino to fall after the failure of exchange giant FTX
Cryptocurrency lender Genesis Global Holdco LLC and two of its lending subsidiaries filed for bankruptcy protection late Thursday night in New York, the latest domino to fall after the failure of exchange giant FTX.
The bankruptcy marks the end of an era in which the lending of crypto assets fueled trades by both individual and institutional investors chasing high yields. A big drop in crypto prices that began in late 2021 has demolished many companies that depended on that business model. Genesis held on longer than others. Crypto lenders Celsius Network LLC and Voyager Digital Ltd.
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