Crypto Lender Genesis Files for Bankruptcy. It Could Be Far Worse for Bitcoin.

The lending businesses of

Genesis

have filed for bankruptcy, making the institutional digital asset powerhouse the latest casualty in a yearlong crash in cryptocurrencies.

Genesis Holdco and two subsidiaries—distressed lender Genesis Global Capital and an Asia-Pacific arm—filed for Chapter 11 bankruptcy protection in the Southern District of New York, the group said Friday. Genesis Holdco owes its top 50 creditors about $3.4 billion, according to bankruptcy filings, including $53 million to a VanEck fund for accredited investors. VanEck is one of the few mainstream fund companies to have made a push into digital assets.

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