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.
Genesis files for bankruptcy
1/20/2023
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