Cryptocurrency lender Genesis Global Holdco and two of its lending subsidiaries filed for bankruptcy protection late on the night of 19 January in New York, the latest domino to fall after the failure of crypto exchange FTX.

The bankruptcy marks the end of an era in which the lending of crypto assets fuelled trades by both individual and institutional investors chasing high yields. A big drop in crypto prices that began in late 2021 led to the collapse of many companies that depended on that business model. Genesis held on longer than others. Crypto lenders Celsius Network and Voyager Digital filed for bankruptcy in July.