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Genesis Global Case
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3:23-cv-82 (SRU)Case number
02 Feb 2021Class period Start
16 Nov 2022Class period End
On November 22, 2022, Crypto Broker/Exchange Genesis warned about Bankruptcy without funding.
"Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson previously said in an emailed statement to Reuters, adding it continues to have conversations with creditors.
- Ealier, The Wall Street Journal reported, citing sources, that Genesis had approached Binance seeking an investment but the crypto exchange decided against it, fearing a conflict of interest. Genesis also approached private equity firm Apollo Global Management for capital assistance, the WSJ said.
- On November 16, 2022, Genesis suspended withdrawals within its lending unit and blamed the recent collapse of exchange FTX for spurring a spike in withdrawal requests that exacerbated the lender’s liquidity.
Despite the general negative market conditions for crypto assets after the FTX collapse, Investors and Genesis' Clients have every reason to suspect that the financial institution has not done everything possible, as required by law and regulations, to fulfill its fiduciary duties to stakeholders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
22 November 2022
23 January 2023
Hon. Stefan R. Underhill