Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato news: Hodler’s Digest: Jan. 15-21 By Cointelegraph

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Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato news: Hodler’s Digest: Jan. 15-21

Published Jan 21, 2023 04:56PM ET Updated Jan 22, 2023 05:40PM ET

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Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato news: Hodler’s Digest: Jan. 15-21

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Crypto lender Genesis files for Chapter 11 bankruptcy

FTX contagions continue to spread through the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, estimating liabilities in the range of $1 billion to $10 billion, and assets at the same level. The company plans a dual track process, which will pursue sale, capital raise, and/or an equitization transaction and enable the business to emerge under new ownership. Genesis’ derivatives, spot trading, broker-dealer and custody businesses are not included in the proceedings, according to the company. In an effort to maintain liquidity, Genesis parent company Digital Currency Group suspended dividend withdrawals.

Bitzlato and its founder face enforcement actions from US authorities

United States authorities have taken enforcement actions against crypto firm Bitzlato, seizing the companys website and labeling the business as a primary money laundering concern connected to Russian illicit finance. As part of the case, FBI officials arrested Russian national Anatoly Legkodymov in Miami. The criminal complaint claims the firm was a crucial financial resource for the Hydra darknet marketplace, allowing users to launder funds, including those from ransomware attacks.

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Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato news: Hodler’s Digest: Jan. 15-21

Crypto lender Genesis files for Chapter 11 bankruptcy

Bitzlato and its founder face enforcement actions from US authorities

FTX CEO says he is exploring rebooting the exchange

Iran and Russia want to issue new stablecoin backed by gold

3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange

Bitcoin eyes $21.4K zone as analyst predicts BTC price will chase gold

Silvergate reports $1B net loss in the fourth quarter of 2022

Nexo agrees to $45M settlement with SEC and states over Earn product

CoinDesk could be up for grabs as parent company DCG scrambles for funds

How to prevent AI from annihilating humanity using blockchain Cointelegraph Magazine

Crypto Masons death threats from maxis: Hall of Flame

Metaverse not the endgame, but ongoing digital transformation: Davos 2023

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