Cryptocurrency lender Genesis has filed for bankruptcy late Thursday night in Manhattan Federal Court in the United States of America.Information Guide Nigeria
Genesis is a subsidiary of the Digital Currency Group, a conglomerate of over 200 crypto-centric companies owned by billionaire Barry Silbert.
As per reports, Genesis’ insolvency is related to the bankruptcy of FTX, which occurred last November amid allegations of fraud.JAMB Result
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According to bankruptcy documents, the crypto lender listed over 100,000 creditors in a “mega” bankruptcy filing, with total liabilities ranging from $1.2 billion to $11 billion dollars.
Genesis interim CEO, Derar Islim, in the statement said, “We look forward to advancing our dialogue with DCG and our creditors’ advisors as we seek to implement a path to maximize value and provide the best opportunity for our business to emerge well-positioned for the future.”NYSC portal
This filing comes just days after the Securities and Exchange Commission filed a lawsuit against Genesis for selling unregistered securities.
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