Crypto lender Genesis, a subsidiary of Barry Silbert’s Digital Currency Group (DCG), has filed for bankruptcy in the United States. The filing comes after the company announced that it was preparing to file for bankruptcy in the coming days.

The crypto lending business, which offers loans to cryptocurrency holders, has been struggling financially in recent months. According to Reuters, the business had been unable to generate enough revenue to cover its costs and was unable to secure additional financing.

The filing, which was made with the U.S. Bankruptcy Court in Delaware, is a major blow to Silbert’s DCG empire. The company, which has invested in a number of crypto-related companies, had been relying on the success of the lending business to help fund its other investments.

The news of the bankruptcy filing has been met with dismay in the crypto community, with many expressing their concern for the company’s employees.

The future of the company remains uncertain, but the filing does provide some protection from creditors. It is unclear at this time what will happen to the company’s assets.

The news of the bankruptcy filing has been widely reported, with outlets such as CNBC, Yahoo Finance, The Wall Street Journal, Reuters, and CoinDesk all providing coverage.

Subscribe to USNN for rapid news briefs.