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Reading: Crypto Lender Genesis may Declare for Bankruptcy this Week
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Blockscroll > Crypto > Crypto Lender Genesis may Declare for Bankruptcy this Week
Crypto

Crypto Lender Genesis may Declare for Bankruptcy this Week

Mridul Srivastava
Last updated: 2023/01/24 at 5:21 AM
By Mridul Srivastava 2 weeks ago
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Crypto Lender Genesis may Declare for Bankruptcy this Week
Crypto Lender Genesis may Declare for Bankruptcy this Week
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  • According to insiders, Genesis Global Capital is preparing to file for bankruptcy by the end of this week.
  • It recently warned that it might declare bankruptcy if it cannot obtain funds.
  • Genesis was still in talks with creditors, and its intentions might alter, according to the report.
  • Digital Currency Group, Genesis’ parent business, has also been grappling with a liquidity crisis.
  • Genesis ceased redemptions in November amid FTX’s collapse, warning at the time that bankruptcy was likely unless it could obtain new capital.

Genesis appears to be filing for Chapter 11 bankruptcy. No indication yet on how this will affect DCG or the Grayscale #bitcoin & #ethereum trusts.

— Lark Davis (@TheCryptoLark) January 18, 2023

***

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TAGGED: Crypto, Cryptocurrency, Digital Currency Group, Genesis
Mridul Srivastava January 19, 2023
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Mridul Srivastava
By Mridul Srivastava
Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.
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