Bloomberg Tax
Feb. 2, 2023, 5:36 PM

Distressed Funds Eye Another Prize in Genesis Bankruptcy (1)

Justina Lee
Justina Lee
Bloomberg News

Just months after FTX’s collapse drew some of the largest distressed investors to crypto, the spiraling industry has thrown up a new high-profile target: Genesis.

While the lender only filed for bankruptcy less than two weeks ago, the broker XClaim has confirmed three trades for its claims with an average value of over $1 million, in the range of 25% to 35% of face value, according to Chief Strategy Officer Andrew Glantz. A $4 million claim was sold to Jefferies Leveraged Credit Products LLC, according to a Tuesday filing.

Genesis, a unit of Barry Silbert’s Digital Currency Group, ...