Genesis, a cryptocurrency lender, filed for bankruptcy protection due to the collapse of FTX

CTOnews.com January 20 news, according to the Wall Street Journal reported that local time on Thursday, cryptocurrency lender Genesis Global Holdco LLC and its two subsidiaries filed for bankruptcy protection in New York. This is yet another company affected by FTX's collapse.

▲ Source Pexels reported that cryptocurrency prices began to plummet at the end of 2021. Before Genesis, cryptocurrency lenders Celsius Network LLC and Voyager Digital filed for bankruptcy last July.

CTOnews.com understands that Genesis filed for bankruptcy protection with two subsidiaries, Genesis Global Capital LLC and Genesis Asia Pacific. Genesis said it had more than $150 million in cash on hand,"providing sufficient liquidity to support ongoing business operations and facilitate the restructuring process."

Genesis Global Trading laid off 30 percent of its workforce earlier this month, people familiar with the matter said, in the latest sign of financial difficulties.