The parent company of cryptocurrency lender Genesis Global Capital, Genesis Global Holdco filed for Chapter 11 bankruptcy protection late Thursday because of its exposure to collapsed hedge fund Three Arrows Capital and fallen crypto exchange FTX. Genesis owes over $3.5 billion to its top 50 creditors – and one of the creditors has ties to a $6.8 billion pension fund system in Fairfax County, Virginia. The list of creditors in the bankruptcy filing included the New Finance Income Fund from global asset manager VanEck with a $53 million claim against Genesis. The fund launched in December 2021 with a strategy
Crypto staking has been the catalyst for the collapse of firms like Three Arrows Capital and Voyager this year - but a Virginia pension just gained approval to do it.