Genesis Global Capital bankruptcy event
Overview
Genesis Global Holdco and its lending subsidiaries Genesis Global Capital and Genesis Asia Pacific filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the Southern District of New York on January 19, 2023. The crypto lender had suspended withdrawals in November 2022 after the failure of FTX, following earlier losses tied to the collapse of Terra/LUNA and Three Arrows Capital. Court filings showed that parent company Digital Currency Group owed Genesis roughly $1.7 billion. Genesis later completed a debt restructuring and emerged from Chapter 11.
Relations
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Frequently asked questions
When and where did Genesis file for bankruptcy?
On January 19, 2023, in the US Bankruptcy Court for the Southern District of New York, covering Genesis Global Holdco, Genesis Global Capital and Genesis Asia Pacific.
What led to the filing?
Genesis suspended withdrawals in November 2022 after the FTX collapse, compounded by losses from the earlier Terra/LUNA implosion and the liquidation of Three Arrows Capital.
What was Genesis's relationship with DCG?
Digital Currency Group was Genesis's parent, and court documents indicated DCG owed its subsidiary approximately $1.7 billion.
Sources
Facts on this page were verified against the following sources.