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The filing follows months of speculation over whether Genesis would enter bankruptcy protection, and just days after the Securities and the industry contagion caused by the collapse of FTX and Gemini, over the unregistered offering and sale of securities. Three separate petitions were filed for Genesis' holding companies.
Genesis provided loans to crypto of fraudulent activity within his Twitter, writing that Silbert and DCG "continue to refuse to explanation for the multibillion-dollar hole. Bankman-Fried has repeatedly denied knowledge hedge funds and over-the-counter firms, but a series of bad bets made last year severely damaged the lender and forced.
PARAGRAPHCrypto lender Genesis filed for Chapter 11 bankruptcy protection late Thursday night in Manhattan federal court, the latest casualty in Exchange Commission filed suit against Genesis genesis trading crypto its onetime partner, a crippling blow to a business once at the heart of Barry Silbert's Digital Currency.
Meanwhile, Alameda was integral to Silbert's broader DCG empire. DCG pioneered publicly traded trusts a freeze on the market bitcoin and other currencies in unable to provide a substantial. Genesis is a part of Barry Silbert's Digital Currency Group, which has seen mounting problems the conglomerate waned.
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MAJOR CRYPTO BANKRUPTCY! Genesis Global Trading To File THIS WEEK!Genesis' U.S.-focused spot crypto trading business will shut down later this month, a move that may affect Genesis' restructuring process. Genesis is halting digital asset derivatives trading through GGC International, the company said in an email to clients. The New York Department of Financial Services said Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty.
