Genesis cryptocurrency lending company finally filed for Chapter 11 bankruptcy protection following earlier reports it is preparing to do so. The company made the filing in Manhattan federal court on Thursday, Jan 19.

Genesis’ filing made it the latest casualty in the crypto business contagion stemming from the sudden collapse of FTX. The insolvency has been described as a crippling blow to a business that was once the center of Barry Silbert’s Digital Currency Group.

According to CNBC, Genesis listed more than 100,000 creditors in its bankruptcy filing. In addition, it also stated aggregate liabilities with amounts ranging from $1.2 billion to $11 billion.

The company was said to have filed three separate petitions for its holding companies. In the documents, Genesis indicated that the companies were only linked in their crypto lending business.

“We look forward to advancing our dialogue with DCG and our creditors’ advisors as we seek to implement a path to maximize value and provide the best opportunity for our business to emerge well-positioned for the future,” Derar Islim, Genesis’ interim chief executive officer, said in a statement.

Prior to the bankruptcy filing, it has already been speculated that the company is set to enter bankruptcy protection. Moreover, the crypto lender listed a $765.9 million loan that is payable from Gemini, and other big claims include a $78 million loan from a decentralized platform called Donut and a $53.1 million loan payable to VanEck fund.

Reuters reported that the fall of FTX in November already claimed a number of victims that have also gone bankrupt such as BlockFi and Core Scientific Inc. these were once one of the biggest crypto firms in the U.S., and both have filed for Chapter 11, a few months after FTX went under.

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