Genesis Shuts Down All Trading Operations

In a dramatic turn of events, Genesis, the now-bankrupt
crypto lender, has brought its entire crypto trading venture to an abrupt halt.
The decision to cease all trading operations, including its international spot
and derivatives trading services, comes amid legal disputes involving FTX and
Gemini.

Genesis Global Trading,
a subsidiary of Genesis Global, is set to close its U.S.-focused spot crypto
trading operations by the end of this month, a report by Coindesk indicated.
GGT will cease its over-the-counter trading platform’s operations on September
18, 2023.

While Genesis Global
Trading is winding
down its U.S. operations,
GGC International Limited, another trading-focused entity affiliated with
Genesis, will reportedly continue operating GGT’s spot and derivatives trading
services. GGT was one of Genesis Global’s subsidiaries that escaped the
conglomerate’s bankruptcy.

Genesis Global’s recent
troubles involved a dispute with the now-bankrupt cryptocurrency exchange, FTX,
which claimed that Genesis owed it a staggering USD $2 billion. About two weeks
ago, Finance Magnates reported that
FTX had agreed to settle its claims dispute with Genesis by accepting a payment
of USD $175 million to Alameda Research, its affiliated crypto hedge fund.

This agreement offered
the potential for substantial recoveries, ranging from 70% to 90% in USD equivalent for
unsecured creditors. Genesis faced instability following FTX’s collapse and its
eventual bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when…