Genesis $5.1B liabilities, BTC $22,300, NFT sales 101M+
Genesis $5.1B liabilities, BTC $22,300, NFT sales 101M+
Genesis claims $5.1 billion in liabilities in first-day bankruptcy filing
Crypto lending firm Genesis held $5.1 billion in liabilities in the weeks following its freeze on withdrawals in November, according to bankruptcy court documents signed by interim CEO Derar Islim.
In a first-day motion in the U.S. Bankruptcy Court for the Southern District of New York, Islim provided a breakdown of Genesis’ financial state heading into its restructuring. Genesis became the latest crypto firm caught up in the immediate fallout of FTX’s implosion, with three of its entities – Genesis HoldCo, Genesis Global Capital LLC and Genesis Asia Pacific PTE. LTD – filing for Chapter 11 bankruptcy protection late Thursday.
Those entities were perhaps less affected by direct losses to FTX and sister company Alameda than by the “run on the bank” that Islim said their collapse sparked. Customers demanded Genesis repay $827 million in loans, forcing its lending units to freeze withdrawals.
Bitcoin rose over 6% to around $22,300. Ether was trading up 5% to $1,640
Bitcoin (BTC) and ether (ETH): The largest cryptocurrency by market value surged above $22,000, and was recently trading as high as $22,419 Friday, its highest level since mid-September. At the time of publication, it was up 6% over the past 24 hours. Ether was recently trading up 5.7% to $1,640.
NFT sales topped 101 million in 2022
A new DappRadar report on blockchain and decentralized application (DApp) adoption in 2022 revealed that the NFT sale count last year reached 101 million — a 67.57% increase from the previous year.
According to the report, the Ethereum ecosystem holds the top spot in the NFT ecosystem, holding 21% of the market share and over 21.2 million transactions processed. It is followed by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million).
Both the Solana and ImmutableX ecosystems saw massive growth from the previous year in terms of transaction activity, with a 440% and 315% increase, respectively.
Meanwhile, the data shows no change in the BNB ecosystem, with roughly 1 million transactions for both 2021 and 2022.