Genesis and Voyager: Two More Crypto Chapter 11 Cases, Explained
Voyager Digital filed for Chapter 11 in 2022 and Genesis Global filed for Chapter 11 in early 2023 — two crypto lending and brokerage failures from the same downturn that took down Celsius. Grouping them makes a point: several of the era’s crypto bankruptcies shared a family resemblance, and understanding the pattern helps you read the next one faster.
Voyager Digital
Voyager operated as a crypto brokerage and lending platform, offering trading and yield on deposited assets. Like other platforms of its type, it was exposed to counterparties and market conditions across the sector. When stress spread through crypto lending in 2022, Voyager’s position deteriorated and it filed for Chapter 11 protection. The case became a long process of dealing with customer claims and attempting to return value through the estate.
Genesis Global
Genesis was a crypto lending and trading business that operated significantly on the institutional side — lending and borrowing among firms rather than only retail deposits. It was exposed to the same chain of stress that ran through the sector in 2022, and its lending entity filed for Chapter 11 protection in early 2023. As with the others, the case centered on the claims of counterparties and creditors and how the estate would be resolved.
The pattern worth learning
Voyager, Genesis, and Celsius rhyme because they shared a model: take in assets, deploy or lend them, pay a return, and depend on counterparties and markets to keep it working. When the sector’s credit chain seized up in 2022, that model was the first to break. If you understand the model, you understand why these cases clustered.
But the pattern also has edges. These were lending and brokerage businesses whose own balance sheets failed. That is not the same as an operating company reorganizing its ordinary business debts, and it is very different from a situation where a token and a network are governed by separate parties who were never part of any filing. The category tells you what questions to ask; it does not give you the answers for a different category.
Where to go next
For the mechanics that all these cases share, read what happens when a crypto company files Chapter 11. For the case that sits in a different category — an operating company winding down while separate parties run the network and token — see the MVMT Labs Chapter 11 filing, explained. The hub lays out the categories together.
Frequently asked questions
Were Genesis and Voyager the same kind of company? Both were crypto lending and brokerage businesses, though Genesis operated heavily on the institutional lending side and Voyager was more retail-facing. Both filed Chapter 11 after the 2022 sector stress.
When did each file? Voyager filed for Chapter 11 in 2022; Genesis Global’s lending business filed for Chapter 11 in early 2023.
Why did so many crypto lenders fail around the same time? They shared a model — taking in assets and deploying or lending them for yield — and were exposed to the same chain of counterparty and market stress that ran through the sector in 2022.
By Jordan Feld. Last reviewed 2026-07-21. General information based on public reporting, not legal or financial advice.