Crypto lending unit of Genesis files for U.S. bankruptcy

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Reuters

(Reuters) -The lending unit of crypto firm Genesis filed for U.S. bankruptcy protection on Thursday, owing creditors at least $3.4 billion, after being toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after the collapse of major exchange FTX sent shockwaves through the crypto asset industry, fuelling concern that other companies could implode. Genesis is owned by venture capital firm Digital Currency Group (DCG). Its bankruptcy filing is the latest in a string of cr…

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