Cryptocurrency exchange Genesis decided to file for bankruptcy. This happened, as reported by Bloomberg, after the collapse of the cryptocurrency exchange FTX.
As a result, as the agency notes, Genesis was the last company to collapse after the rapid decline of FTX. Incidentally, Genesis had been working with FTX, including providing it with loans.
It's noted that the cryptocurrency exchange's parent company, Digital Currency Group, has repeatedly tried to save Genesis, including by trying to attract investors and cutting 30 percent of its staff in November. However, the situation turned out to be a "high number of withdrawal requests" that led to bankruptcy.
In early November last year, FTX announced that it had filed for bankruptcy and its head, Bankman-Fried, decided to resign. In December, Bankman-Fried was charged with defrauding investors: according to the agency, the crypto-exchange received $1.8 billion from them, after which these funds were transferred to a private hedge fund owned by the businessman.