Genesis Winds Down Trading Operations and Files for Bankruptcy After Massive Crypto Losses

Genesis Global Capital will wind down crypto spot and derivatives trading through its international arm.
The move follows Genesis Global Trading eliminating spot trading services in January "voluntarily and for business reasons".
Genesis halted withdrawals in November 2022 citing "unprecedented market turmoil".
Genesis filed for bankruptcy in January after laying off around 30% of staff.
Genesis owes around $3.5 billion to its top 50 creditors following losses from Three Arrows Capital and FTX's failure.

cointelegraph.com

Relevant topic timeline:

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

Digital Currency Group and its subsidiary Genesis Global have reached a tentative agreement to resolve bankruptcy issues with unsecured creditors, potentially recovering 70%-90% for creditors and 65%-90% for customers depending on the denomination of digital assets, but the deal does not include customers of its investment program or former partner Gemini.

8/30/2023

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

Crypto lender Genesis' bankruptcy case is facing opposition from a group of creditors who consider the treatment of outstanding loans to be insufficient, as Genesis and parent company DCG reach a tentative deal.

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

Creditors of bankrupt crypto lender Genesis Global Capital have criticized a proposed $175 million deal with FTX, accusing Genesis of vote-buying and manipulating the bankruptcy process, further complicating Genesis' efforts to wind up its affairs and return money to customers.

9/5/2023

Genesis to Shutter Crypto Trading Desk for U.S. Market

Genesis Global Trading (GGT), a U.S.-focused spot crypto trading business, will close its over-the-counter trading platform on September 18 due to voluntary business reasons.

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in loans, alleging that DCG and DCGI are wrongfully in possession of property belonging to Genesis Global Capital's bankruptcy estate.

9/14/2023

Genesis Shuts Down All Crypto Trading Services Amid Industry Troubles

Genesis, the crypto-trading business owned by Digital Currency Group, has ceased all trading operations due to worsening industry conditions and business reasons.

9/22/2023

Venture Capital Firms Increase Crypto Exposure Amid Market Downturn

Blockchain Capital closes two new funds with $580 million to be invested in crypto gaming and decentralized finance projects, while venture capital firms SkyBridge Capital, Atlas Merchant Capital, and Vector Capital are among the final bidders to acquire SVB Capital, the venture arm of Silicon Valley Bank. Additionally, Nomura launches a new Bitcoin fund, and Citi Token Services provides payments and liquidity through its private blockchain. Hut 8 also receives final approval for its merger with US Bitcoin.

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Posted 9/14/2023, 7:30:00 PM

Genesis Winds Down Trading Operations and Files for Bankruptcy After Massive Crypto Losses

Genesis Global Capital will wind down crypto spot and derivatives trading through its international arm.
The move follows Genesis Global Trading eliminating spot trading services in January "voluntarily and for business reasons".
Genesis halted withdrawals in November 2022 citing "unprecedented market turmoil".
Genesis filed for bankruptcy in January after laying off around 30% of staff.
Genesis owes around $3.5 billion to its top 50 creditors following losses from Three Arrows Capital and FTX's failure.

cointelegraph.com

Relevant topic timeline:

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

8/30/2023

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

9/5/2023

Genesis to Shutter Crypto Trading Desk for U.S. Market

Genesis Global Trading (GGT), a U.S.-focused spot crypto trading business, will close its over-the-counter trading platform on September 18 due to voluntary business reasons.

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

9/14/2023

Genesis Shuts Down All Crypto Trading Services Amid Industry Troubles

Genesis, the crypto-trading business owned by Digital Currency Group, has ceased all trading operations due to worsening industry conditions and business reasons.

9/22/2023

Venture Capital Firms Increase Crypto Exposure Amid Market Downturn