> ## Content Index
> Fetch the complete content index at: https://www.techloy.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# 🚨Crypto lending firm Genesis files for bankruptcy
- URL: https://www.techloy.com/crypto-lending-firm-genesis-files-for-bankruptcy/
- Published: 2023-01-23T13:06:22.000Z
- Updated: 2023-01-23T13:06:22.000Z
- Author: Emmanuel Oyedeji
- Tags: / News, / Crypto

Genesis Global Capital, a crypto lending and trading conglomerate of more than 200 businesses, filed for bankruptcy, late Thursday as the fallout from the [meltdown of the FTX exchange](https://www.techloy.com/crypto-exchange-ftx-bankruptcy/) continues, per a report by the *Financial Times.*

The company, one of FTX’s biggest lenders, had previously suspended withdrawals in November and [cut 30% of its staff](https://www.techloy.com/genesis-global-laid-off-30-of-its-staff/) earlier this month.

The bankruptcy follows months of uncertainty at the crypto firm after it was plunged into financial turmoil following [FTX's collapse](https://www.techloy.com/crypto-exchange-ftx-bankruptcy/) and earlier exposure to failed crypto hedge fund Three Arrows Capital in the same year - 2022.

In its filing published late Thursday, Genesis Global Capital estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. The two other entities estimated their assets and liabilities in the $100 million and $500 million range, respectively.

The company owes over $3.5 billion to its top 50 creditors, among which include Crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund, according to the bankruptcy filing.

Per a recent report by *Coindesk*, the Crypto lender has now turned out to be the largest unsecured creditor of FTX.com and its affiliated companies, as it is owed $226.3 million.

Just like FTX’s bankruptcy impacted many other parts of the crypto industry, this development threatens to spread the crypto contagion even further.