BREAKING: Genesis May Declare Bankruptcy

The crypto lender Genesis alerted to go bankrupt if they couldn’t find any new funding. This arrival probably comes after the abnormal requests of withdrawing about $1 billion due to the impact of the FTX collapse.

Last week, the company was facing abnormal withdrawal requests which were greater than their liquidity due to the FTX contagion. As a result, this has exacerbated many problems in hand for the crypto lender.

According to The Spectator Index, the crypto firm is on the brink of bankruptcy even though they had attempted to raise a $1 billion loan from investors to avoid the thereof before.

“We have no plans to file bankruptcy imminently,”

a representative for Genesis stated in a reply to the Bloomberg story.

“Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

The firm also said in an emailed statement

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