Crypto lending company Genesis is seeking Chapter 11 bankruptcy protection as faltering prices and the downfall of FTX continue to rattle the industry.
Genesis Global Holdco LLC and two of its lending business subsidiaries, Genesis Global Capital LLC and Genesis Asia Pacific Pte. Ltd., filed for bankruptcy protection in the Southern District of New York.
Genesis said that its 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.
Genesis said that it has more than $150 million in cash on hand, providing ample liquidity to support its ongoing business operations and facilitate its restructuring.
Last week the Securities and Exchange Commission went after Genesis Global Capital and the crypto exchange Gemini, alleging that they were selling unregistered securities through a popular program that was supposed to give high interest payments on crypto …
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