We all knew this was going to happen, didn't we? Well, last night Genesis Global Holdco LLC and two subsidiaries (Genesis Global Capitol  and Genesis Asia Pacific Pte., Ltd.) are officially bankrupt after filing for bankruptcy protection last night in New York. Another subsidiary, Genesis Global Trading continues normal operations as it was not included in the filing.

Genesis owes its top 50 creditors some $3.5 Billion.

Last year, we learned the company had lent money to Three Arrows Capitol which then went bankrupt. Soon after, we learned it had lent money to FTX which was backed by FTX's own FTT token. We all know how well that turned out.

This has also dragged in Gemini, owned by Bitcoin billionaires, the Winklevoss twins. Gemini customers in the hundreds of thousands are owed some $900 Million from Genesis and Cameron Winklevoss stated that the bankruptcy will help in the process to recover those assets.

Now, both Genesis and Gemini face violation charges from the Securities and Exchange Commission after filings last week related to the now defunct 'Earn' program. More on this from the horse's mouth here. With 100,000 creditors on the hook related to the Earn program and now charges from the SEC, this is sure to drag on for some time.

Now, the question to ask is... 'Who lent Genesis the money to get started?'.

The dominoes have begun to fall. This is far from over. More information is available from the links in the references section.

At least though, we still have progressive rockers Genesis. The band reunited for a hugely successful tour in 2022 and it looks like they'll be hitting the road again in 2023. They actually produced music that was and still is being played on the radio and guessing by their instant concert ticket sellouts, they'll probably tour into 2024.

In the meantime, watch Bitcoin as it continues to rise. At present, is holding steady at $21,093.

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