Crypto lender Genesis files for Chapter 11 bankruptcy
The FTX infection continues to spread across the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, estimating liabilities in the $1 billion to $10 billion range, and assets at the same level. The Company is planning a dual track process, which will proceed with the sale, capital raising and/or offsetting transaction and enable the business to emerge under new ownership. Genesis derivatives, spot trading, broker-dealers and custody businesses were not included in the proceedings, according to the company. Trying to maintain liquidityGenesis Digital Currency Group, parent company, has suspended profit withdrawals.
Bitzlato and its founder are facing enforcement action from US authorities
US authorities have taken enforcement actions against crypto firm Bitzlato, taking over the company’s website and labeling it a major money laundering concern linked to illicit Russian financing. As part of the case, FBI officials arrested Russian citizen Anatoly Legkodimov in Miami. The criminal lawsuit alleges that the company was a critical financial resource to the Hydra darknet market, allowing users to launder money, including from ransomware attacks.
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