FGS Global is handling the Chapter 11 filing of Genesis Global cryptocurrency lender, which is the latest casualty of the fallout from the implosion of Sam Bankman-Fried’s FTX digital asset exchange, according to the Financial Times.
Genesis in November froze withdrawals due to the market turmoil triggered by the FTX collapse.
It claims the restructuring will optimize outcomes for its clients.
Derar Islim, interim CEO of Genesis, said the company deeply appreciates the ongoing patience and partnership of clients as it works towards an equitable solution.
Genesis has more than $150M in cash on hand, which is expected to provide ample liquidity to support its ongoing business operation and facilitate the restructuring process.