Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit – Featured Bitcoin News

Crypto lender Genesis, a subsidiary of Digital Currency Group , has filed for Chapter 11 bankruptcy. The filing followed a lawsuit brought by the U.S. Securities and Exchange Commission . Genesis claims to have “ample liquidity to support its ongoing business operations and facilitate the restructuring process.”Genesis Global Holdco LLC, a prime brokerage subsidiary of venture capital firm Digital Currency Group , announced Friday that it has voluntarily filed for Chapter 11 bankruptcy in the U.

The plan contemplates a dual track process in pursuit of a sale, capital raise and/or equitization transaction that would enable the business to emerge under new ownership. Redemptions and new loan originations in the lending business remain suspended, and claims will be addressed through the Chapter 11 process.With a court-supervised restructuring process, Genesis explained that it plans to advance discussions with its creditors and parent company DCG in the hope of reaching “a holistic solution for its lending business, which, if achieved, would provide an optimal outcome for Genesis clients and Gemini Earn users.

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Another loss in the crypto space. The crypto lender had been around since 2013, and 10 years later, falls due to a series of events, including the FTX saga and the recent charges by US regulators Securities and Exchange Commission.

Una prestamista más cayó en bancarrota, esta vez le toco a Genesis del grupo DCG, que al igual que sus antecesoras, se ha declarado en bancarrota bajo el capitulo 11 . bitcoin btc blockchain ethereum Peru Web3 Criptomonedas crypto noticias

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