01-20-2023, 03:11 PM
Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert’s DCG empire
![[Image: 105338363-1531943021254silbert.jpg?v=167...p&vtcrop=y]](https://image.cnbcfm.com/api/v1/image/105338363-1531943021254silbert.jpg?v=1674189711&w=740&h=416&ffmt=webp&vtcrop=y)
- Genesis Trading filed for bankruptcy protection after suffering crippling losses from the collapses of FTX and hedge fund Three Arrows Capital.
- Genesis is a part of Barry Silbert’s Digital Currency Group, which has seen mounting problems in recent months.
- Some of Genesis’ largest clients include Circle, which operates stablecoin USD Coin, and Gemini, which is backed by the Winklevoss twins.
Crypto lender Genesis filed for Chapter 11 bankruptcy protection late Thursday night in Manhattan federal court, the latest casualty in the industry contagion caused by the collapse of FTX and a crippling blow to a business once at the heart of Barry Silbert’s Digital Currency Group.
The company listed over 100,000 creditors in a “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.
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