UnusualWhales

Crypto lender Genesis filed for bankruptcy protection late Thursday night in Manhattan federal court.

This week, the Securities and Exchange Commission also filed a suit against Genesis and Gemini over unregistered sale of securities.

Genesis is in negotiations with creditors represented by law firms Kirkland & Ellis and Proskauer Rose, per CNBC.

Genesis halted withdrawals on November 16th.

Genesis had a $2.5 billion exposure to Alameda, though that position was closed out in August, per CNBC.