Genesis is planning to file for bankruptcy: Report By Cointelegraph

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Genesis is planning to file for bankruptcy: Report

Cryptocurrency Jan 18, 2023 03:40PM ET

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Genesis is planning to file for bankruptcy: Report

Cryptocurrency lending firm Genesis Global Capital, a subsidiary of crypto conglomerate Digital Currency Group, is reportedly preparing to file for bankruptcy as early as this week.

According to a Jan. 18 Bloomberg report, Genesis previously said it was considering a bankruptcy filing if it were unable to raise cash amid a liquidity crunch — a situation similar to that preceding crypto exchange FTX’s Chapter 11 filing in November. Citing people with knowledge of the situation, Bloomberg reported Genesis could file for bankruptcy as soon as this week.

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