More crypto dominoes are falling
posted 20 Jan 2023
Genesis Global also failed to stay afloat and filed for bankruptcy.
It was reported that the exchange founders filed in the New York Southern District Court for Chapter 11 bankruptcy, which provides for "sale, capital raise or reorganization of debt. That is, the exchange can still be saved, but with a different owner.
Genesis Trading owes creditors more than $3 billion. The company representatives claim that they have only $150 million in cash.
It was reported that the exchange founders filed in the New York Southern District Court for Chapter 11 bankruptcy, which provides for "sale, capital raise or reorganization of debt. That is, the exchange can still be saved, but with a different owner.
Genesis Trading owes creditors more than $3 billion. The company representatives claim that they have only $150 million in cash.
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