Genesis Files for Bankruptcy, Sells $16 Billion in Crypto
Genesis Global Trading Inc. Liquidates
Crypto Lender Asks Court to Approve Sale of Bitcoin and Ether
Genesis Global Trading Inc., a subsidiary of Digital Currency Group (DCG), has filed for bankruptcy protection in the United States. The crypto lending arm of the company suspended customer redemptions earlier this month, citing the sudden failure of FTX, the cryptocurrency exchange that collapsed in November 2022.
In a motion filed with the court, Genesis requested approval to sell over $16 billion in bitcoin (BTC) and ether (ETH) to pay off creditors. This move is part of the company's plan to liquidate its assets and wind down its operations.
The bankruptcy filing marks the latest casualty in the crypto industry, which has been rocked by a series of high-profile failures in recent months. These failures have raised concerns about the stability of the crypto market and the long-term viability of crypto lending platforms.
The sale of Genesis's crypto assets will likely have a significant impact on the market, as it could increase the supply of bitcoin and ether and drive down prices. Investors should closely monitor the situation and consider adjusting their investment strategies accordingly.
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