Genesis Trading

About Genesis Trading

Genesis Global Capital, the crypto lending arm of Digital Currency Group, filed for Chapter 11 bankruptcy on January 19, 2023. Genesis had approximately 5 billion in liabilities. The collapse of 3AC in 2022 left Genesis with 2.4 billion in losses from loans to the hedge fund. Genesis also had exposure to FTX. DCG, Genesis parent company, engaged in a complex transaction to absorb the 3AC losses. Gemini, the crypto exchange, had 900 million of customer funds stuck at Genesis through the Gemini Earn program. Genesis sued DCG. The case illustrated the interconnectedness of crypto businesses and how losses cascade through the ecosystem. Genesis emerged from bankruptcy in 2024 with creditors recovering a portion of claims.