Genesis Global Holdco officially filed for bankruptcy several weeks after fellow cryptocurrency exchange FTX suddenly imploded.
The company and two subsidiaries, Genesis Global Capital and Genesis Asia Pacific, submitted bankruptcy petitions with the United States Bankruptcy Court for the Southern District of New York. Genesis Global Trading and other subsidiaries will continue operations.
“While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” Genesis Interim CEO Derar Islim remarked in a press release.
The company is considering a restructuring process