The crypto lending unit of Genesis, a company owned by Barry Silbert’s Digital Currency Group (DCG), has filed for bankruptcy protection in the United States.

The filing comes as yet another blow to Silbert’s DCG empire, which has seen its crypto lending business collapse due to the recent collapse of FTX, one of its key partners.

According to documents filed with the U.S. Bankruptcy Court, Genesis had been preparing to file for bankruptcy protection for some time, but was unable to do so until the collapse of FTX.

The filing also states that the company had been struggling to stay afloat due to the impact of the coronavirus pandemic on the crypto market, as well as the collapse of FTX, which had been a major source of liquidity for Genesis.

The filing also reveals that Genesis had recently secured $100 million in financing from a group of investors, but was unable to use the funds to pay off its creditors.

The bankruptcy filing is the latest in a series of setbacks for Silbert’s DCG empire, which has been hit hard by the crypto market downturn and the collapse of FTX.

The news of Genesis’ bankruptcy filing has been widely covered by the media, with major outlets such as Reuters, CNBC, Yahoo Finance, The Wall Street Journal and CoinDesk all reporting on the story. Always Full Coverage on USNN.