2022 was the year the cryptocurrency market imploded. A minor blip for a technology that is still the future or the bursting of a bubble many said would happen? I'll let you decide, but the fallout of the tumbling crypto market is ongoing. The latest news comes from cryptocurrency lending firm Genesis, which is going under and filing for Chapter 11 bankruptcy in New York.
“Genesis Global Holdco, LLC (“GGH”) and two of its lending business subsidiaries, Genesis Global Capital, LLC (“GGC”) and Genesis Asia Pacific Pte. Ltd. (“GAP”), filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “court”). Genesis's other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.”
Genesis Global Holdco LLC, Genesis Global Capital LLC, and Genesis Asia Pacific Ltd are the specific groups that are making the filing. These businesses will now cease operations, although Genesis Global Trading will continue to provide services.
Process
All new loans and redemptions will continue to be suspended, although clients can make claims to receive their assets. Genesis has posted a FAQ to detail the process and what it means for customers. According to the company, there will be a claims process in place for creditors and lending clients can use the noticing agent Kroll.
“As previously announced, Genesis and its advisors have been engaged in ongoing, productive discussions with advisors to its creditors and corporate parent Digital Currency Group (“DCG”) to evaluate the most effective path to preserve assets and move the business forward.”
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