Cryptocurrency lender Genesis Global filed for bankruptcy on Jan. 19, making it the latest company to do so following the collapse of FTX in November.
The lender announced it had filed for Chapter 11 bankruptcy protection in a press release, stating that the move was part of “strategic actions to achieve a global resolution to maximize value for all clients and stakeholders and strengthen its business for the future.”
The company previously announced that it had been holding ongoing discussions with advisers to its creditors to evaluate the best way to preserve assets and continue with the business.
“Genesis has now commenced a court-supervised restructuring process to further advance these discussions and reach a holistic solution for its lending business, which, if achieved, would provide an optimal outcome for Genesis clients and Gemini Earn users,” the company said….