Cryptocurrency company Genesis has filed for bankruptcy due to $3.4 billion, and analysts are forecasting more collapses in an industry reeling from the implosion of the FTX exchange.
Genesis' lending division, once described by Fortune magazine as "akin to Goldman Sachs in the traditional financial world," has filed for US Chapter 11 bankruptcy and owes billions.
In a statement, the company said it would continue to try to raise funds and had "liquidity of more than $150 million to support operations and facilitate the restructuring process." Its derivatives business, spot trading arm and Genesis Global Trading were not included in the filing.
Failure was widely expected. Genesis withdrawals on pause of its lending division shortly after the bankruptcy of FTX, one of the largest cryptocurrencies in the world
