Genesis Trying To Resolve Its Situation
November 22, 2022
Crypto lender Genesis said it has no immediate plans to file for bankruptcy.
Genesis also suspended its customer redemptions days after the collapse of the crypto exchange FTX.
As per Reuters, Genesis spokesperson said, “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing."
In addition, Genesis continues to have constructive conversations with creditors.
As reported by Bloomberg, Genesis is struggling to raise new money and feared bankruptcy.
Genesis also approached Binance for investment, but Binance turned down the offer due to concerns about a conflict of interest, WSJ reported.
WSJ also reported, Genesis approached private equity firm
Apollo Global Management for funding.