Crypto broker Genesis is preparing to file for bankruptcy as soon as this week, according to people familiar with the matter, as the company works towards a deal with creditors after months of wrangling.
A filing would make Genesis the latest crypto casualty to follow the implosion of Sam Bankman-Fried’s FTX exchange, which has sent shockwaves through the digital asset industry.
Genesis and its owner, SoftBank-backed crypto conglomerate Digital Currency Group, have been in negotiations with creditors since mid-November. Genesis owes creditors more than $3bn, the Financial Times previously reported, including $900mn to customers of the Winklevoss twins’ crypto exchange Gemini, and €280mn to Dutch exchange Bitvavo.
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