Following an SEC lawsuit, crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), filed for Chapter 11 bankruptcy. cryptocurrency
Crypto lender Genesis, a subsidiary of Digital Currency Group , has filed for Chapter 11 bankruptcy. The filing followed a lawsuit brought by the U.S. Securities and Exchange Commission . Genesis claims to have “ample liquidity to support its ongoing business operations and facilitate the restructuring process.”Genesis Global Holdco LLC, a prime brokerage subsidiary of venture capital firm Digital Currency Group , announced Friday that it has voluntarily filed for Chapter 11 bankruptcy in the U.
The plan contemplates a dual track process in pursuit of a sale, capital raise and/or equitization transaction that would enable the business to emerge under new ownership. Redemptions and new loan originations in the lending business remain suspended, and claims will be addressed through the Chapter 11 process.With a court-supervised restructuring process, Genesis explained that it plans to advance discussions with its creditors and parent company DCG in the hope of reaching “a holistic solution for its lending business, which, if achieved, would provide an optimal outcome for Genesis clients and Gemini Earn users.
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