The “First Day Hearing” in the bankruptcy case of crypto lender Genesis has been postponed.
The difficult process that started with the Terra and FTX crises drove many crypto companies into bankruptcy. Prominent institutional giants such as FTX, considered the second largest crypto exchange of its time, came to the fore with their liquidity problems. Recently, Genesis, a subsidiary of the Digital Currency Group, has also filed for Chapter 11 bankruptcy. The crypto trading platform, which has been escaping bankruptcy for some time, has been unable to meet its debt burden of more than 3 billion and its more than 100,000 creditors.
Genesis Day One Hearing Will Be Held Monday
The “First Day Hearing” in the Chapter 11 bankruptcy case of crypto lender Genesis Global Capital will be held at 2:00 pm on Monday, January 23.
The platform, which stopped withdrawals months ago, has been trying to survive for a long time. 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.
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