It Was Expected! Genesis Bankruptcy! What’s the Latest in Bitcoin?

Recently, Bloomberg claimed that Genesis was preparing to file for bankruptcy. And finally it was expected.

of the Digital Currency Group (DCG)coin money organization Genesis filed for Chapter 11 bankruptcy protection in New York federal district court late last night.

Cryptocurrency exchange in November of 2022 FTXGenesis, which has been experiencing a liquidity crisis since the bankruptcy of , suspended withdrawals on November 16.

Genesis, which has been trying to overcome the liquidity crisis since then, was not successful and filed for bankruptcy.

In the Coindesk report, Genesis estimated that it had between $100 million and $500 million in assets in its bankruptcy filing, $100 million and $500 million in debt, and between 1 and 49 creditors.

Genesis also has subsidiaries Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd also filed for bankruptcy protection.

Before Genesis filed for bankruptcy, it struggled to raise new capital and reach a settlement with creditors, but without success, Genesis laid off 30% of its employees in early January.

In addition, Genesis’ parent company DCG also stated that it has suspended dividend payments to its shareholders.

After Genesis’s filing for bankruptcy, eyes are now turned to the parent company DCG and the digital asset manager Grayscale, which is affiliated with DCG.

With the news of Genesis’s bankruptcy, it again hangs below $ 21,000 Bitcoin (BTC) It is currently struggling to break above the $21,000 level.