Share this article
Genesis Creditors Hire Lawyers to Find Ways to Prevent Crypto Brokerage's Bankruptcy: Bloomberg
Genesis is in talks with creditors and potential investors, the report said.
Updated May 9, 2023, 4:03 a.m. Published Nov 30, 2022, 3:31 a.m.
Genesis Global Trading's creditors have hired restructuring lawyers to help find a way prevent the crypto brokerage from having to file for bankruptcy, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.
Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, the people said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
On Nov. 16, the lending arm of the crypto investment bank suspended redemptions and new loan originations in the wake of the FTX exchange’s collapse, Interim CEO Derar Islim told customers on a call, as CoinDesk reported at the time.
Genesis and CoinDesk share the same parent company, Digital Currency Group.
Read more: Bernstein Says Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
