DCG holding company Genesis Global Capital, a cryptolending platform, has filed for insolvency under Chapter 11 of the U.S. Bankruptcy Code.
The filings are by Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital.
The document says there are more than 100,000 creditors with assets and liabilities ranging from $1 billion to $10 billion. Subsidiary firms have figures ranging from $100 million to $500 million.
Senior management expects the restructuring to raise money for unsecured creditors.
Genesis’ other derivatives, spot trading and custody firms and Genesis Global Trading are not included in the filing and continue client trading operations.
Genesis Global Capital has not recovered from the default of hedge fund Three Arrows Capital in June and the collapse of FTX in November 2022. While the former was supported by parent DCG to the tune of $1.1 billion, the latter’s attempts to raise outside funding ended in failure.
Genesis в составе DCG подала заявление на банкротство (forklog.com)
