Usa business United States Funding Bankruptcy Usa

Genesis denies 'imminent' plans to file for bankruptcy

Reading now: 350
cointelegraph.com

Cryptocurrency lending company Genesis has refuted speculation that it is planning an "imminent" bankruptcy filing should it fail to cover a $1 billion shortfall caused by the fall of crypto exchange FTX.The firm has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy, according to a Nov.

21 Bloomberg report citing people familiar with the matter.A spokesperson for Genesis told Cointelegraph that there were no plans to file for bankruptcy "imminently" and that it continued to have "constructive" discussions with creditors.

On Nov. 16, Genesis announced it had temporarily suspended withdrawals citing “unprecedented market turmoil” after FTX's collapse.

The company previously revealed on Nov. 10 it had around $175 million worth of funds stuck in an FTX trading account.Related: The FTX contagion: Which companies were affected by the FTX collapse? Reports have also suggested that crypto exchange Binance had been in talks to potentially bail out the Digital Currency Group-owned lender, but sources quoted in a Nov.

Read more on cointelegraph.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA