Genesis Global Capital Bankruptcy: Exit by May 19th with Asset Auctions

By - Avanish Jaiswal

Date - 25 January 2023

Genesis Global Capital, a crypto lending business owned by Digital Currency Group, filed for bankruptcy protection from creditors on January 19th.

The filing came two months after the company froze customer withdrawals due to the collapse of Sam Bankman-Fried's FTX exchange.

Genesis lawyer, Sean O'Neal, stated in court that they aim to resolve disputes with creditors this week and exit bankruptcy by May 19th.

The company plans to sell various assets at auction as part of the bankruptcy process.

Genesis reported just over $5 billion of assets and liabilities, and has said it owes more than 100,000 creditors at least $3.4 billion.

The bankruptcy does not include Digital Currency Group or Genesis' derivatives and spot trading, custody, and brokerage businesses.