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Crypto firm Genesis’s lending unit files for bankruptcy in US

Cryptocurrency

The lending unit of crypto firm Genesis on January 19, 2023 filed for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. PHOTO | SHUTTERSTOCK

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By  Reuters

News agency

Thomson Reuters

The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi.

Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on November 16, 2022 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. The company is owned by venture capital firm Digital Currency Group (DCG).

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