Infection has spread in the digital currency sector: a well-known company has filed for bankruptcy
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Cryptocurrency platform Genesis has filed for formal bankruptcy in Manhattan U.S. federal court amid fears that it will lead to unrest in the cryptocurrency market.
The bankruptcy filing was filed under Title 11 of the United States Bankruptcy Code, allowing Genesis to continue operating during the restructuring of operations.
The Genesis bankruptcy announcement came just months after the famous FTX crash. According to bankruptcy filings, Genesis listed over 100,000 creditors in a massive bankruptcy filing with total liabilities ranging from $1 billion to $10 billion.
“Judicial restructuring is the most efficient way to preserve assets and achieve the best possible outcome for all stakeholders,” said Genesis CEO Dirar Islam.
Source: Interfax
