Genesis Global Holdco, LLC the parent company of troubled crypto lender Genesis Global Capital, filed for Chapter 11 bankruptcy protection late Thursday night in New York federal district court.
In a voluntary petition, Genesis Global Holdco, LLC estimated it held between $100 million and $500 million in assets, counts $100 million and $500 million in liabilities, and has between 1 and 49 creditors. Subsidiaries Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd have also filed for bankruptcy protection, the filing said.
Those companies comprise Genesis' crypto lending business that was rocked in 2022 by the implosions of hedge fund Three Arrows Capital and crypto exchange FTX. Genesis’s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations, according to a press release. (Coindesk)