Crypto firm Genesis is filing for bankruptcy

1/18/2023

Crypto firm Genesis is filing for bankruptcy, per Bloomberg's initial reporting.

This is the lending unit of Digital Currency Group, and Bloomberg has reported numerous confidential negotiations with creditor groups.

There was no comment to Bloomberg's repeated requests.

Much of the last two months have seen a tumultous time at DCG, per Bloomberg. All following FTX bankruptcy, Genesis suspended withdrawals, Gemini Earn was pursued by the SEC, and GEnesis and DCG have had ongoing discussions.

Reportedly, DCG has suspended quarterly dividends to conserve cash.

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