Technology

Genesis expands the list of bankrupt crypto companies

Again, another crypto company is about to file for bankruptcy. Recently, filing for bankruptcy has become a common occurrence in the crypto space. After the sharp fall of FTX and Alameda, many crypto companies collapsed. This is the case of Genesis, a cryptocurrency lending company. She never stopped looking for solutions. But in vain! Result: Genesis will soon file for bankruptcy.

It’s No Longer a Rumor: Crypto Firm Genesis Files for Bankruptcy This Week

Inevitable bankruptcy filing after failed resolution attempts

Like many other crypto companies, Genesis has been facing various issues lately. On November 16, 2022, he froze customer buyouts. At the beginning of the year, the acting CEO of Genesis Global Trading made a special request to his clients. This was meant to give the crypto company more time to get through the financial crisis it is currently experiencing. The leaders thought they were finding a solution, saying, “We are convinced we can come to a solution.”

After many unsuccessful attempts, Genesis is forced to declare itself bankrupt. Even if the news isn’t official yet, it shouldn’t take long. According to an article published by Bloomberg, the announcement will take place even this week.

Genesis, Another Crypto Company Victimized by the Fall of Alameda

A few months later, the number of crypto companies affected by the fall of FTX and Alameda continues to grow. The bankruptcy of Genesis is indeed due to the large losses incurred due to loans provided by Alameda.

Added to this are his recent problems with the SEC. Indeed, this crypto regulator is accused of not registering the offer and selling crypto-assets securities through the Gemini Earn program.

For many, the collapse of the crypto-lending company Genesis did not come as a surprise. However, this news will further weaken the crypto market, which is already going through difficult times. To be continued…

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Avatar of Ariela RASOANJANAHARI
Ariela RASOANJANAHARI

My name is Ariel, I am 31 years old. I have been working in the field of web writing for 7 years. I discovered trading and cryptocurrency just a few years ago. But this is the universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer, in my free time I also cultivate a great passion for music and reading (and animals!)

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