Genesis Files For Bankruptcy After Holding Out For Weeks As Crypto Contagion Continues crowdfundinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crowdfundinsider.com Daily Mail and Mail on Sunday newspapers.
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