Crypto lender genesis considering bankruptcy

The giant crypto broker and lender Genesis is considering filing for Chapter 11 Bankruptcy.

Today the company laid off more than 30% of the employees, following a previous 20% layoff of staff in august.

Genesis had asked yesterday clients to be patient as the company is sorting out its finances.

Genesis had taken a $1.2 Billion hit on it'd balance sheet and filed claims against the hedge fund Three Arrow Capital after its failure.

Also, the company added that there were 175 million Dollars in their futures account that they were unable to withdraw following the FTX collapse.

We will keep you updated regarding any new info we are able to get regarding this matter, in the meantime markets may be expected to take a hit if Genesis went under resulting in a similar environment to the one we saw in the aftermath of the FTX collapse.