The New York City-based crypto firm, whose parent company is crypto mogul Barry Silbert’s Digital Currency Group, filed for Chapter 11 protection in court documents dated Friday. The company owes its 50 largest creditors about US$3.4 billion. (The Logic)

Talking point: At No. 1 with a bullet on Genesis’s list of its largest creditors is Gemini, the Winklevoss twins’ crypto firm, which holds hundreds of millions of dollars’ worth of crypto investments for Canadian companies including Wealthsimple, Ninepoint and Purpose Investments. Genesis owes Gemini about US$766 million, according to the filing. Toronto-based Tokens.com issued a release saying it has posted collateral with Genesis worth about US$611,000 of the net collateral value, representing about 3.1 per cent of its total assets—not enough to have a material impact, the company said. Early Friday morning, Gemini co-founder Cameron Winklevoss said the company is preparing legal action against Silbert and DCG. The U.S. Securities and Exchange Commission charged Genesis and Gemini with selling unregistered securities through Gemini’s Earn program last week.