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January 27, 2023 11:24 am

Cryptocurrency collapse continues as more major crypto firms go out of business

Tokyo (Japan), January 22

US-based cryptocurrency lender Genesis Global Capital became the latest company to file for bankruptcy protection after the collapse of crypto exchange operator FTX, NHK World reported.

The company, plus its subsidiaries filed for Chapter 11 bankruptcy protection with a US court on Thursday.

Company officials blame the failure on the low liquidity of the crypto market caused by last November’s collapse of FTX, and other abnormal developments in the industry in recent months, NHK World reported.

According to the documents shown by the court, Genesis Global Capital has debt, between one to ten billion dollars and creditors numbering more than 100,000.

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