Crypto lender Genesis files for Chapter 11 bankruptcy in US

Firm is latest casualty in sector as cryptocurrencies contagion spreads after FTX collapseThe cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the US, becoming the latest victim of the shakeout in the digital asset market after the collapse of the crypto exchange FTX.Genesis Global Capital, one of three Genesis entities that applied for bankruptcy protection on Thursday, froze customer withdrawals on 16 November, days after FTX made its own Chapter 11 filing.The lender said it had assets and liabilities in the range of $1bn to $10bn, and estimated it had more than 100,000 creditors in its filing with the US bankruptcy court for the southern district of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit, Genesis Asia Pacific.Genesis Global Holdco said options under consideration included a sale and that it had $150m in cash to support the restructuring. Under a Chapter 11