Genesis Global has voluntarily filed for bankruptcy, along with its crypto lending arm, as parent firm DCG faces rising financial distress.
According to CEO Barry Silbert, DCG’s problems are due to a wave of “unprecedented fraud and criminal behavior” in the crypto industry.
Harvard professor Larry Summers has wiped all mention of his advisory role at DCG following backlash for comments he made about FTX.
If Genesis fails, $350 million of the $600 million owed to Todd Boehly’s Eldridge would become due, according to the terms of the loan.
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