Crypto exchange Genesis has filed for bankruptcy, which involves the reorganization of the company and the restructuring of its debts. She owes more than $3 billion to creditors. Genesis problems were the result of a crisis in the crypto market, provoked by the collapse of the FTX exchange.

Cryptocurrency exchange Genesis has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code, which allows business reorganization and debt restructuring instead of liquidation. The announcement of the application is made on the company’s website. Two divisions of the crypto exchange, Genesis Global Capital and Genesis Asia Pacific, also filed for bankruptcy.