Genesis intends to declare bankruptcy

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A unit of the crypto conglomerate Digital Currency Group, the lending company for cryptocurrencies Genesis Global Capital, is apparently getting ready to declare bankruptcy as soon as this week.

Genesis earlier stated that it was considering filing for bankruptcy if it were unable to obtain money due to a liquidity crisis, a condition that was similar to that which preceded crypto exchange FTX’s Chapter 11 filing in November, according to a Jan. 18 Bloomberg report. According to Bloomberg, who cited sources with knowledge of the matter, Genesis might declare bankruptcy as soon as this week.

The news came after the US Securities and Exchange Commission sued Genesis and cryptocurrency exchange Gemini with selling unregistered securities through Gemini’s “Earn” programme on January 12. Prior to FTX’s bankruptcy in November, the company said it had about $175 million worth of cash on the exchange.

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