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Being is a new victim of adverse effects in the market cryptocurrencies after the fall FTX. The digital currency lending company has officially filed for bankruptcy, just like it did a few months ago. BlockFie. Three companies of the conglomerate were hit hard by the collapse of the exchange platform Sam Bankman-Friedwhich led to its bankruptcy.
According to a press release they issued, in fact three firms have adopted what is specified in Chapter 11 of the US Bankruptcy Act: Genesis Global Holdco and its subsidiaries Genesis Asia Pacific D Genesis Global Capital. In particular, the last two provided credit services for cryptocurrencies.
However, it is important to note that not all companies in this group went bankrupt. Specific, Genesis Global Tradingdescribed as one of the most significant “crypto investment banks” in the world, and other related companies involved in the trading and custody of digital assets continue to operate as usual.
Consequences of the fall of FTX
The report indicates that of the three bankrupt firms Genesis Global Capital suffered the most. This company was in charge of issuing loans using their clients’ cryptocurrencies to create an interest rate in their favor. However, most of the digital assets he worked with were lost when the platform exchange FTX a failure occurred, preventing users from recovering their funds.
The bankruptcy filings state that Genesis Global Capital assessed its assets and liabilities and concluded that they were in the range of $1,000 million to $10,000 million. Its creditors, which number more than 100,000, including other companies in the cryptocurrency industry, say the company owes them more than $3.5 billion. This includes Twins, exchange of the brothers Winklevossand in his case the debt is US$900 million.
On the other hand, the situation Genesis Global Holdco D Genesis Asia Pacific this is more favorable as both firms reported assets and liabilities between $100 million and $500 million, according to their estimates.
Communication between Genesis and FTX
This critical situation for Genesis Global Capital and the conglomerate generally appeared in November 2022, a few weeks after it FTX declared bankrupt. At the time, the crypto lending company was forced to suspend withdrawals from their clients due to the fact that most of their assets were exposed to said platform.
However, the relationship between these firms was much deeper, as not only the cryptocurrencies provided by the bankruptcy FTXbut also Genesis Global Capital was one of the platform’s creditors exchange producer Sam Bankman-Friedman. Attached court documents mention that the company owes him more than $226 million.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.