The troubled crypto lender Genesis Trading is reportedly filing for bankruptcy this week for protection from creditors.

The report was disclosed in a report by Bloomberg on Wednesday, citing people with knowledge of the matter, the bankruptcy filing that is expected to be completed before the end of this week.

Recall that MyCryptoParadise had earlier reported that the embattled lending firm Genesis is on the path to avoiding bankruptcy in November following a report by Bloomberg that Genesis creditors are arranging with restructuring lawyers to prevent insolvency.

Digital Currency Group is the parent company of Genesis Trading. Recently, prosecutors declared a probe into DCG over internal transfers between DCG and its subsidiary Genesis.

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