Crypto lender Genesis to file for bankruptcy soon: Report

A prepackaged bankruptcy deal for Genesis is being negotiated with creditors

A prepackaged bankruptcy deal for Genesis is being negotiated with creditors

In a lawsuit filed late on Thursday, the U.S. Securities and Exchange Commission (SEC) claimed cryptocurrency exchange Gemini and cryptocurrency lender Genesis Global Capital offered unregistered securities.

Despite the new year being barely a week old, SuperRare joins the list of companies like Huobi and Genesis, who have announced workforce reductions.

The project was canceled by the company citing the general financial environment and the prolonged crypto winter as reasons.

Customers of crypto exchange Gemini are indebted $900 million by crypto brokerage Genesis

The regulators are probing whether Genesis persuaded residents of their states to invest in crypto securities without acquiring any mandated registrations.Â

Customer redemptions and new loan originations have been suspended by Genesis through its lending division.

Michael Paleokrassas, managing director of trading, and Reed Werbitt, cash trading head, Joshua Lim, head of derivatives and Matt Ballensweig, co-head of sales and trading, have also left the firm in the last week.