Crypto Lender Genesis Files for Bankruptcy as Crisis Spreads

Crypto platform’s insolvency is latest in FTX fallout
Top 50 unsecured claims amount to about $3.4 billion

The Genesis website on a smartphone.Photographer: Gabby Jones/Bloomberg

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By Kevin Simauchi, Suvashree Ghosh, and Joanna Ossinger

January 20, 2023 at 4:37 AM UTC

Updated on

January 20, 2023 at 7:01 AM UTC

This article is for subscribers only.

Cryptocurrency lender Genesis Global Holdco LLC filed for bankruptcy, the latest firm to collapse in the aftermath of the FTX exchange’s swift downfall and last year’s rout in digital assets.

The company, plus subsidiaries Genesis Global Capital LLC and Genesis Asia Pacific Pte, filed for Chapter 11 protection on Thursday in the Southern District of New York, court documents show. Genesis Global Capital listed the same range, $1 billion to $10 billion, for both assets and liabilities as well as over 100,000 creditors — the top 50 unsecured claims amount to about $3.4 billion.