Genesis Global Capital, one of the largest cryptocurrency lenders, froze client redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fueling fears that other companies could implode. The company is owned by venture capital firm Digital Currency Group (DCG).
Genesis’s lending unit said its assets and liabilities were between $1 billion and $10 billion in documents filed with the US bankruptcy court.
Genesis’ bankruptcy filing is the latest in a cascade of cryptocurrency bankruptcies and brutal job cuts triggered by falling prices over the past year.
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