Genesis, a leading cryptocurrency lender, froze customer redemptions on Nov. 16 after a major cryptocurrency exchange collapsed FTXthat sent shockwaves through the industry.
Genesis is owned by venture capital firm Digital Currency Group. The bankruptcy filing is triggered by the collapse that wiped out about $1.3 trillion from the cryptocurrency market last year.
The bankruptcy is not a shock to the markets, said Ivan Kachkovski, currency and crypto strategist at UBS, quoted by Reuters. “It remains to be seen whether the chain effect will last.”
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