Genesis, the crypto lender owned by DCG, filed for bankruptcy protection, the latest collapse to follow FTX's implosion in November.
Three separate petitions were filed for Genesis' holding companies. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. The company's derivatives and spot trading business will continue unhindered, as will Genesis Global Trading.
The filing follows months of speculation over whether Genesis would enter bankruptcy protection, and just days after the Securities and Exchange Commissionand its onetime partner, Gemini, over the unregistered offering and sale of securities. Genesis is in negotiations with creditors represented by law firms Kirkland & Ellis and Proskauer Rose, sources familiar with the matter told CNBC. The bankruptcy puts Genesis alongside other fallen crypto exchanges including
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