Genesis First Bankruptcy Hearing
One of the major events and crypto news the crypto community will look forward to is the Genesis case on Monday. Genesis was the latest crypto firm that announce it would be filing for bankruptcy after failing to stabilize its company.
The crypto lending firm broke the last straw for many crypto users as many confirmed they had lost trust in many crypto companies for now. Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York will be the person who will be presiding over the case. According to the court's filings, Genesis Capital’s bankruptcy case will be held on Jan. 23 at 2:00 pm Eastern Time.
Genesis Global Capital filed for Chapter 11 bankruptcy protection in New York. Chapter 11 bankruptcy protection means that the collapsed crypto lending firm can continue its business operations while proposing a reorganization plan to investors/creditors. As speculated, the woes of Genesis Global Capital resulted from the FTX collapse effects in the crypto industry
