Crypto lending unit of Genesis files for U.S. bankruptcy


Representations of cryptocurrencies are seen in front of displayed decreasing stock graph in this illustration taken November 10 2022. REUTERSDado RuvicIllustration

Representations of cryptocurrencies are seen in front of displayed decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -The lending unit of crypto firm Genesis filed for U.S. bankruptcy protection on Thursday, owing creditors at least $3.4 billion after being toppled by a market rout along with exchange FTX and lender BlockFi.

Genesis Global Capital, a leading crypto lender, froze customer redemptions on Nov. 16 after the collapse of major exchange FTX sent shockwaves through the crypto sector.

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