Genesis’ crypto lending division declares bankruptcy in the U.S.
Join Our Telegram channel to stay up to date on breaking news coverage After being knocked out of the market along with companies like exchange FTX and lender BlockFi, the lending division of the cryptocurrency corporation Genesis filed for bankruptcy protection in the United States on Thursday, owing creditors at least $3.4 billion. After the collapse of major exchange FTX sent shockwaves through the crypto asset business and fueled worry that other companies could implode, one of the largest crypto lenders, Genesis Global Capital, stopped allowing customers to redeem their investments on November 16. Its bankruptcy declaration is the most recent in a succession of crypto currency failures brought on by a market crash that reduced the worth of crypto tokens by around $1.3 trillion last year. While the price of bitcoin has increased thus far in 2023, the highly interconnected sector has continued to be hit by the effects of the market crash. According to UBS currency and cr...