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Crypto lender Genesis on the way to bankruptcy

Admin

19 Jan, 2023

November's FTX collapse affected a number of companies, including one of US crypto lenders BlockFi and Core Scientific.

Crypto Lender Genesis Is Preparing to File for Bankruptcy Within Days

Cryptocurrency lender Genesis Global Capital is set to file for bankruptcy protection soon.

Genesis' filing for bankruptcy protection has been mooted for several weeks since the collapse of leading crypto exchange FTX on November 16, 2022. Bloomberg, a US trade news publication, published a report on people involved in the matter on Wednesday.

According to a Reuters report, the FTX crash in November affected a number of companies, including BlockFi and Core Scientific, one of the leading US crypto lenders. As a result, the companies filed for bankruptcy protection in the following months.

Bloomberg reports that the company that owns Genesis, Digital Currency Group, and its creditors have made several proposals, but no agreement has been reached so far. And 'Kirkland & Ellis' and 'Proskawer Rose' are working as the consulting team of these creditors.

Reuters did not immediately respond to Genesis' request for comment.

Meanwhile, Genesis is also at loggerheads with Gemini, the crypto exchange founded by twin brothers Cameron and Tyler Winkleves.

At the time, Gemini proposed a partnership with Genesis on a crypto-lending product known as Earn, but Gemini now says it received $900 million from Genesis for the product.

Last week, the US Securities and Exchange Commission said it had fined Genesis and Gemini for illegally selling financial securities to millions of investors through the crypto-lending scheme.

Source of news : technologydesk bdnews24.com

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