Here is How Genesis Filing for Bankruptcy Can Cause a Ripple Effect | Genesis Bankruptcy Explained!

Crypto brokerage Genesis Global Capital has filed for bankruptcy! In this video, we will explain how genesis filing for bankruptcy can cause a ripple in the crypto industry. Please stay tuned and subscribe to our channel for more crypto-related videos. https://www.youtube.com/@CryptoMultistream

Genesis, a cryptocurrency lender, has filed for Chapter 11 bankruptcy in the US. This comes after the collapse of crypto exchange FTX, which also filed for Chapter 11 bankruptcy. Genesis Global Capital, one of three Genesis entities that applied for bankruptcy protection, froze customer withdrawals on November 16th. The lender said it had assets and liabilities in the range of $1bn to $10bn, and estimated it had more than 100,000 creditors in its filing with the US bankruptcy court for the southern district of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit, Genesis Asia Pacific. The bankruptcy filing is the latest in a cascade of crypto failures and steep job cuts triggered by plunging digital asset prices last year.

Last year, Genesis extended $130.6bn in crypto loans and traded $116.5bn in assets, according to its website. Its two biggest borrowers were Three Arrows Capital, a Singapore-based crypto hedge fund, and Alameda Research, a trading company closely affiliated with FTX, which also filed for bankruptcy. The debt to Genesis was assumed by its parent company, Digital Currency Group (DCG), which then filed a claim against Three Arrows. Crypto lenders, which act as de facto banks, boomed during the pandemic but unlike traditional banks, they are not required to hold capital cushions. This year, a shortfall of collateral forced some lenders and their customers to shoulder large losses. However, the price of bitcoin has recovered since the FTX collapse and is trading above $20,000. A professor of finance at the University of Sussex, Carol Alexander, said the Chapter 11 move by Genesis had been priced in by crypto markets.

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⏲️⏲️Time Stamps: ⏲️⏲️

0:00 Intro
0:33 Is Genesis Filing Bankruptcy?
1:00 Story of genesis
3:50 Genesis cash flow
4:52 Gemini
7:09 Before Bankruptcy
7:42 Genesis bankruptcy files
9:13 Outro

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Here is How Genesis Filing for Bankruptcy Can Cause a Ripple Effect | Genesis Bankruptcy Explained!!!

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