ICYMI: Crypto lender, Genesis, has filed for bankruptcy.
Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York.
“Genesis has now commenced a court-supervised restructuring process to further advance these discussions.” The derivatives, spot trading, broker-dealer and custody businesses of Genesis are not part of the Chapter 11 proceedings and will continue operations according to the firm. The restructuring process will be led by an"independent special committee" of the company's board of directors, and Genesis says the process is aimed at providing"an optimal outcome for Genesis clients and Gemini Earn users."
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