Crypto Opinions & News Crypto lender Genesis files for Bankruptcy

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https://www.bbc.com/news/technology-64343377

Cryptocurrency lender Genesis has filed for bankruptcy.

The firm had recently been charged by US regulators Securities and Exchange Commission (SEC) with illegally selling crypto. It is part of the Digital Currency Group (DCG), a conglomerate of more than 200 crypto-focused businesses. The insolvency of Genesis is linked to the bankruptcy of FTX, which went under last November amid allegations of fraud. Genesis had originally been set up as an "over the counter" Bitcoin trading desk, enabling the trade of large amounts of crypto. Earlier this month, it announced it was laying off 30% of its staff, taking it down to 145 employees.

Crypto lender Genesis files for bankruptcy

The cryptocurrency lender’s collapse is the latest blow to the sector.

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