Cryptocurrency Firm Genesis Global Capital Set to File for Bankruptcy

Cryptocurrency Industry Braces for Impact of Collapsed Exchange

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Cryptocurrency firm Genesis Global Capital is preparing to file for bankruptcy protection this week, Bloomberg reports, citing sources close to the company.

In a second round of job cuts in less than six months, the cryptocurrency lending platform recently laid off 30% of its staff.

On 16 November, citing unprecedented turmoil in the cryptocurrency market following the collapse of the FTX exchange, the company’s lending arm froze customer withdrawals.

Investors’ confidence in the industry has been shaken by the plummeting value of digital assets amid rising interest rates and the collapse of some of the market’s biggest players.

To illustrate, Coinbase, Crypto.com and Huobi have also announced plans to lay off around 20% of their staff.

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