Genesis has filed for Chapter 11 Bankruptcy
Following on from the FTX and Alameda collapse which Genesis was heavily exposed to (estimated in the region of $2.5 billion) crypto lender Genesis filed for Chapter 11 Bankruptcy Protection
With the news this week that the Securities and Exchange Commission (SEC) filed a suit against Genesis and Gemini over the unregistered sale of securities, there were hints earlier that Genesis could file for bankruptcy protection in the form of Chapter 11.
Today confirms it. It's largely unknown what this means for parent company DCG at this stage, but it does give hope to those on the Gemini Earn platform of getting back some or all of their assets.
Gemini is owed a massive $900m by Genesis with Genesis claiming to have at least $150m in cash
Fingers crossed for those who have their assets locked up.
I guess this comes as no surprise but uh oh... here we go again.
— Crypto Hogo (@CryptoHogo) January 18, 2023
Crypto lender Genesis lays off 30% of staff and considers bankruptcy https://t.co/pQC42LmsYm via @WSJ
It's official then - Genesis has filed for Bankruptcy.
— Crypto Hogo (@CryptoHogo) January 20, 2023
Unknown what this means for parent company DCG at this stage, but it does give hope to those on the Gemini Earn platform of getting back some or all of their assets.
Fingers crossed for those who are locked out.
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