Genesis, a subsidiary of Digital Currency Group (DCG), has filed for bankruptcy amid a debt burden of more than $3 billion.
The processes that started with the collapse of FTX led to the bankruptcy of many companies. Especially prominent corporate giants took a place on the agenda with their liquidity problems. Most recently, Genesis, a subsidiary of the Digital Currency Group, also filed for Chapter 11 bankruptcy. The crypto trading platform failed to meet its debt burden of more than 3 billion and more than 100,000 creditors.
Genesis Files for Bankruptcy Following Financial Troubles
Genesis, one of the subsidiaries of Digital Currency Group (DCG), filed for bankruptcy on the grounds that it was affected by FTX processes and had liquidity problems.
The platform, which stopped withdrawals months ago, failed to survive. DCG also discussed the sale of CoinDesk in order to save its subsidiary. However, unable to meet its debt obligations, the company filed for bankruptcy with $3 billion in debt.
DCG has yet to take action against this bankruptcy filing filed by its subsidiary. As it is known, DCG includes Genesis, CoinDesk and Grayscale.
Now the eyes are on what will happen on the side of Grayscale and CoinDesk.
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