Why did Genesis go out of business?

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.

How much does Genesis Capital owe its creditors?

"Genesis has its own independent management team, legal counsel, and financial advisors, and appointed a special committee of independent directors, who are in charge of the Genesis Capital restructuring," the statement said. Genesis owes its 50 biggest creditors $3.4 billion, according to Reuters' calculations from the bankruptcy filing.

What happened to Genesis Global Holdco?

Genesis Global Holdco, parent of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. Genesis Global Holdco said in a statement it would contemplate a potential sale or stock-related transaction, to pay creditors, and that it had $150 million in cash to support the restructuring.

What happened to Genesis?

By the time Genesis halted operations in November, it held $900 millions in Gemini clients’ funds, which have since been the subject of contention between the two companies. The Gemini Earn program was shut down earlier this month.