• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
Genesis

BREAKING NEWS: Crypto Lender Genesis Files For Chapter 11 Bankruptcy As Crisis Deepens

Christian Encila
by Christian Encila
2 years ago
·
Posted in Breaking News Ticker, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Genesis Global Holdco, the parent company of embattled cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy protection, becoming the latest firm to cave in to pressure in the wake of FTX’s precipitous decline.

Thursday, the company filed for bankruptcy protection in the Southern District of New York, according to court filings cited by numerous news sources on Friday.

Genesis Global Capital, one of the biggest crypto lenders, halted customer repayments on November 16, stoking fears that other firms could fail.

According to a statement, redemptions and loan originations remain frozen and claims will be processed in a bankruptcy court.

Genesis: ‘Mega Bankruptcy Filing’

Based on bankruptcy records, GGC named more than 100,000 creditors in a “mega” bankruptcy filing, with total obligations ranging from $1.2 billion to $11 billion.

In a statement, Genesis Global Holdco disclosed that it would consider a sale or an equity deal to pay off creditors, and that it has $150 million in cash to support the restructuring.

There had been months of conjecture about whether or not Genesis would file for bankruptcy, and the U.S. Securities and Exchange Commission had just launched a complaint against Genesis and its ex-partner Gemini for the alleged illegal sale of securities.

Related Reading: Stablecoins And CBDCs Are The Future Of Money, Bank Of America Says

Digital Currency Group (DCG), which also owns CoinDesk, is the parent company of Genesis Global Holdco and its subsidiaries GGC and Genesis Asia Pacific Pte. Ltd.

Barry Silbert is the company’s founder and chief executive officer. Additionally, through its multiple subsidiaries, DCG has invested in over 200 crypto businesses.

Silbert, a former investment banker, sold the stock trading platform Second Market to NASDAQ for an undisclosed amount in 2015 before starting DCG.

Wave Of Crypto Catastrophes

Genesis’s bankruptcy case is the most recent in a string of crypto disasters and massive layoffs precipitated by falling prices in 2022.

The company was already embroiled in a battle with Gemini Trust Co, which was founded by the Winklevoss twins, Cameron and Tyler, who are former U.S. Olympic rowers.

Genesis and Gemini are at odds over Earn, a cryptocurrency loan product that they jointly operated.

The SEC charged the two companies on January 12 with illegally offering securities to investors via the program. Tyler Winklevoss characterized the complaint as disheartening.

Genesis cited a $766 million loan payable to Gemini in its bankruptcy filing on Thursday.

Cameron Winklevoss demanded Silbert’s departure as CEO of Digital Currency Group on January 10.

Crypto total market cap at $930 billion on the daily chart | Chart: TradingView.com
Related Reading: Why Crypto Software Company ConsenSys Is Sacking Nearly 100 Staff

As markets assimilated the developments, cryptocurrency values dipped slightly. Bitcoin was unchanged at $20,950 after reaching a high of $21,050 earlier. In the past week, the token’s price has increased by 12%, recouping a portion of last year’s steep decline.

1/ Earn Update: This evening, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is a crucial step towards us being able to recover your assets.

— Cameron Winklevoss (@cameron) January 20, 2023

Meanwhile, Cameron Winklevoss, co-founder of Gemini, tweeted that the bankruptcy is a “critical step” towards Gemini users recovering their assets.

However, he claimed DCG and Silbert “continue to refuse to offer creditors a fair deal” and threatened to file a lawsuit “unless Barry and DCG come to their senses.”

Featured image: ABC-Amega

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

TD Cowen’s $141K Bitcoin Prediction Could Send Bitcoin Hyper ($HYPER) Up 10x

TD Cowen’s $141K Bitcoin Prediction Could Send Bitcoin Hyper ($HYPER) Up 10x

1 hour ago
Gemini AI's Dogecoin Price Prediction — Why Maxi Doge Could Be the Next Top Meme Coin

Gemini AI’s Dogecoin Price Prediction — Why Maxi Doge Could Be the Next Top Meme Coin

3 hours ago
XRP naar $1700 - crypto analist gebruikt AI voor koers voorspelling

XRP naar $1700 – crypto analist gebruikt AI voor koers voorspelling

3 hours ago
Best Meme Coins Live News Today: Latest Degen Alpha & Market Updates (October 21)

Best Meme Coins Live News Today: Latest Degen Alpha & Market Updates (October 21)

45 minutes ago
elon musk floki

Τα FLOKI και USELESS εκτοξεύονται καθώς ο Elon Musk αναζωπυρώνει το ενδιαφέρον για τα meme coins

5 hours ago
Gemini

Winklevoss-Led Gemini Exchange Unveils New Credit Card Featuring Solana Rewards

5 hours ago

Premium Sponsors

Press Releases

  • KCEX стартира бонус за търговия от...

    20 minutes ago
  • โปรโมชั่นโบนัสสำหรับผู้ใช้ใหม่จาก KCEX แจกสูงสุด 21,000 USDT

    KCEX จัดหนัก!...

    21 hours ago
  • WEEX стартира кампания с до 50%...

    23 hours ago
  • FleetMining Turns BTC, XRP, and ETH into Daily Income

    FleetMining Turns BTC, XRP, and ETH into Daily Income with...

    1 day ago
  • CryptoGDEX Launches Global Petition to Revolutionize Wealth Distribution

    CryptoGDEX Launches Global Petition to Revolutionize Wealth...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.