According to bankruptcy court documents signed by interim CEO Derar Islim, cryptocurrency lending firm Genesis held $5.1 billion in liabilities in the weeks following its withdrawal freeze last November. In his first-day motion in the United States Bankruptcy Court for the Southern District of New York, Islim detailed Genesis’ financial situation prior to its restructuring. Genesis HoldCo, Genesis Global Capital LLC, and Genesis Asia Pacific PTE. LTD filed for Chapter 11 bankruptcy protection late Thursday, becoming the latest crypto firm to be caught up in the immediate aftermath of FTX’s implosion.
