Cryptocurrency collapse continues as more major crypto firms go out of business – The Tribune India

Follow Us

Login   /  Register

A +
Updated At: Jan 22, 2023 12:44 PM (IST)
Photo for representational purpose only. ANI

Tokyo (Japan), January 22
US-based cryptocurrency lender Genesis Global Capital became the latest company to file for bankruptcy protection after the collapse of crypto exchange operator FTX, NHK World reported.
The company, plus its subsidiaries filed for Chapter 11 bankruptcy protection with a US court on Thursday.
Company officials blame the failure on the low liquidity of the crypto market caused by last November’s collapse of FTX, and other abnormal developments in the industry in recent months, NHK World reported.
According to the documents shown by the court, Genesis Global Capital has debt, between one to ten billion dollars and creditors numbering more than 100,000.
Crypto lender Blockfi also filed for bankruptcy protection in November.
Leading crypto exchange operator Coinbase halted its Japanese operations this month, citing the poor business environment, as per NHK World.
According to Al Jazeera, the company in a statement stated, “Genesis has taken strategic actions to achieve a global resolution to maximize value for all clients and stakeholders and strengthen its business for the future.”
Genesis added that its subsidiaries involved in the derivatives, spot trading and custody businesses, as well as its brokerage arm Genesis Global Trading, were not included in the filing and would continue operations.
Earlier, in November, Genesis halted the customer withdrawals after the downfall of FTX and even negotiated with the creditors and tried to secure fresh capital since.
The crypto lender earlier this month laid off 30 per cent of its staff, the Wall Street Journal reported.
Genesis’ owner DCG said in a statement that neither DCG nor its employees, including those sitting on the Genesis board, were involved in the decision to file for bankruptcy, reported Al Jazeera.
“Genesis has its own independent management team, legal counsel, and financial advisors, and appointed a special committee of independent directors, who are in charge of the Genesis Capital restructuring,” the statement said.
A +
Monterey Park, a city of about 60,000 people, has a large As…
Appointment of judges to Supreme Court and high courts has b…
While the Sports Ministry has directed WFI chief Brij Bhusha…
Chargesheet likely to be submitted by January-end
The incident took place at Exxon on the 7100 block of Torres…
View All

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising four eminent persons as trustees.
The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the paper. It is an independent newspaper in the real sense of the term.
The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).
Remembering Sardar Dyal Singh Majithia
Designed and Developed by: Grazitti Interactive


Image - ThumbHow To Make Huge Profits In A Short Time With Crypto
Get detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Image - ThumbCrypto + NFT Quick Start Course
The #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet

About the Author: admin

You might like

Leave a Reply

Your email address will not be published. Required fields are marked *