Crypto lender Genesis files for bankruptcy

Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York,on Jan. 19.

The firm has estimated liabilities of $1 billion to $10 billion and assets in the same range according to the filing.

Earlier reports claimed the company would file for bankruptcy protection if it was unable to raise capital due to a liquidity crisis.

The firm suspended withdrawals from its platform in November 2022 amid market turbulence caused by the collapse of FTX. Earlier in January the company laid off a further 30% of its workforce, the second round of job cuts in six months.

This is a developing story, and further information will be added as it becomes available.