Genesis Global Trading, a subsidiary of the crypto conglomerate Digital Currency Group (DCG), filed for bankruptcy on Thursday night. The firm struggled to raise capital for its lending unit, cut 30% of its staff in January and took a financial hit from major catastrophic crypto events last year. Genesis is the parent company of digital currency asset manager Grayscale. DCG also owns mining and staking company Foundry and digital asset exchange Luno. The U.S. Securities and Exchange Commission charged Genesis and Gemini for the unregistered offer and sale of securities.
DCG’s crypto-lending subsidiary Genesis files for Chapter 11 bankruptcy
