Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy. The filing followed a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). Genesis claims to have “ample liquidity to support its ongoing business operations and facilitate the restructuring process.”
Genesis’ Bankruptcy Filing
Genesis Global Holdco LLC, a prime brokerage subsidiary of venture capital firm Digital Currency Group (DCG), announced Friday that it has voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
The company’s two lending business subsidiaries, Genesis Global Capital LLC and Genesis Asia Pacific Pte. Ltd., are part of the bankruptcy filing while “other subsidiaries involved in the derivatives and spot trading and custody businesses and