{"id":42123,"date":"2023-01-23T17:09:37","date_gmt":"2023-01-23T17:09:37","guid":{"rendered":"http:\/\/egrowonline.com\/?p=42123"},"modified":"2023-01-23T17:09:37","modified_gmt":"2023-01-23T17:09:37","slug":"cryptocurrency-firm-genesis-files-for-bankrupty-as-cryto-collapse-continues","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=42123","title":{"rendered":"Cryptocurrency Firm Genesis Files for Bankrupty as Cryto Collapse Continues"},"content":{"rendered":"


\n<\/p>\n

\n
\"\"\"\"<\/div>\n

2022 was the year the cryptocurrency market imploded. A minor blip for a technology that is still the future or the bursting of a bubble<\/a> many said would happen? I\u2019ll let you decide, but the fallout of the tumbling crypto market is ongoing<\/a>. The latest news comes from cryptocurrency lending firm Genesis, which is going under and filing for Chapter 11 bankruptcy in New York.<\/p>\n

\u201cGenesis Global Holdco, LLC (\u201cGGH\u201d) and two of its lending business subsidiaries, Genesis Global Capital, LLC (\u201cGGC\u201d) and Genesis Asia Pacific Pte. Ltd. (\u201cGAP\u201d), filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the \u201ccourt\u201d). Genesis\u2019s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.\u201d<\/em><\/p>\n

Genesis Global Holdco LLC, Genesis Global Capital LLC, and Genesis Asia Pacific Ltd are the specific groups that are making the filing. These businesses will now cease operations, although Genesis Global Trading will continue to provide services.<\/p>\n

Process<\/h4>\n

All new loans and redemptions will continue to be suspended, although clients can make claims to receive their assets. Genesis has posted a FAQ<\/a> to detail the process and what it means for customers. According to the company, there will be a claims process in place for creditors and lending clients can use the noticing agent Kroll.<\/p>\n

\u201cAs previously announced, Genesis and its advisors have been engaged in ongoing, productive discussions with advisors to its creditors and corporate parent Digital Currency Group (\u201cDCG\u201d) to evaluate the most effective path to preserve assets and move the business forward.\u201d<\/em><\/p>\n

Tip of the day:<\/strong> When Windows 10 or Windows 11 has issues, it\u2019s not rare to run into startup problems. Corrupted Windows files, incorrect system configuration, driver failure, or registry tweaks can all cause this issue. <\/p>\n

Using Windows startup repair<\/a> can fix boot issues caused by the most prevalent issues. Though it may seem that all is lost when you run into startup problems, it\u2019s important to try a Windows boot repair so you can at least narrow down the source of the issue. If it doesn\u2019t work, you may have to reinstall the OS or test your hardware.<\/p>\n<\/p><\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2022 was the year the cryptocurrency market imploded. A minor blip for a technology that is still the future or the bursting of a bubble many said would happen? I\u2019ll let you decide, but the fallout of the tumbling crypto market is ongoing. The latest news comes from cryptocurrency lending firm Genesis, which is going […]<\/p>\n","protected":false},"author":1,"featured_media":42124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[13511,819,1196,52,13512,3293,1585,5821],"class_list":["post-42123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bankrupty","tag-collapse","tag-continues","tag-cryptocurrency","tag-cryto","tag-files","tag-firm","tag-genesis"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/01\/Bitcoin-reuse-pixabay-cc0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42123"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42123\/revisions"}],"predecessor-version":[{"id":42125,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42123\/revisions\/42125"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/42124"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42123"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}