Genesis Global

Genesis Global was an institutional crypto lending, borrowing and trading business operated under Barry Silbert's Digital Currency Group (DCG), with its main entities based in New York. It was a major counterparty to crypto funds and platforms, including powering yield products such as the Gemini Earn program. Genesis suffered heavy losses from the 2022 failures of Three Arrows Capital and then FTX, and it halted withdrawals from its lending unit in November 2022. Genesis Global Holdco and its lending subsidiaries filed for Chapter 11 bankruptcy in the Southern District of New York in January 2023. A bankruptcy court approved its Chapter 11 plan in May 2024, with Genesis distributing roughly $3-4 billion in crypto and cash to creditors in August 2024 and parent DCG left out of the money; the lending business was wound down.