OREANDA-NEWS  One of the world's largest cryptocurrency lenders, Genesis Global Trading, has filed an application for protection from creditors. The application was filed in the New York District Bankruptcy Court. The application was filed in accordance with Article 11 of the US Bankruptcy Code.

As noted in the company's statement, only units engaged in lending are asked to declare themselves bankrupt. This applies to Genesis Global and its two subsidiaries — Genesis Global Capital and Genesis Asia Pacific. The business related to trading continues to function as usual.

The statement noted that the company owes over $3.5 billion to its 50 largest creditors. At the same time, the company has only about $150 million left at its disposal. It is assumed that the restructuring of the business will allow it to eventually pay off all debts.