Genesis filed for Chapter 11 bankruptcy on January 19, 2023. Successfully returned ~$3 billion to customers through liquidation.
| Product Type | Institutional Crypto Lender |
| Parent Company | Digital Currency Group (DCG) |
| Withdrawal Freeze | November 2022 |
| Bankruptcy Date | January 19, 2023 |
| Customer Recovery | ~$3 Billion returned |
Genesis Global was a major cryptocurrency lender, part of Digital Currency Group (DCG). They provided institutional-grade lending and yield products.
Genesis had significant exposure to both Three Arrows Capital (3AC) and FTX/Alameda. When these entities collapsed, Genesis couldn't meet withdrawal requests.
In November 2022, Genesis halted withdrawals. Two months later, they filed for bankruptcy protection.
Unlike many crypto bankruptcies, Genesis managed to return approximately $3 billion to customers through the liquidation process.