Of all the crypto lenders to spring up in the past couple of years, Genesis had won over rich individuals—such as former SoftBank executive Marcelo Claure—and families with its Wall Street approach to doing business. That makes Thursday’s late-night bankruptcy filing by Genesis’ lending unit one that will hit the rich harder than other crypto busts of recent months.
Wealthy people who made money in crypto saw Genesis as a way to keep their riches in crypto while retaining a traditional financial services experience, one Genesis creditor told The Information. The New York–based firm offered a high-touch and professional-feeling product—especially by the standards of the rough-and-tumble crypto industry—this person said.
