
Genesis subsidiary sues ‘Bitcoin Jesus’ for $20.86M
The embattled firm alleged that Ver failed to settle cryptocurrency options trades that expired on Dec. 30, 2022.
Track crypto bankruptcies, restructurings, creditor updates, and court filings tied to failed exchanges, lenders, and digital asset firms.

The price of BTC mining rigs fell nearly 85% over the past year, causing some loans to become under-collateralized.

Genesis has "confidence" it can resolve disputes with creditors this week. The lender is looking to exit bankruptcy by May 19.

With earnings going from high to low in 2022, some miners struggled to pay the dues, resulting in more defaults, distressed asset sales, and acquisitions than ever before.

The company called its exposure "minimal" and said it has no outstanding loans.

Only the lending arm of Genesis has filed for bankruptcy while DCG still has $526M in debt owed to Genesis by May 2023

Genesis Trading wallets have ceased transactions over the last 12 hours after announcing it is filing for bankruptcy.



