Crypto Lender Genesis may Declare for Bankruptcy this Week
- 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.