According to the Wall Street Journal, cryptocurrency company Genesis is still trying to raise cash. Genesis approached crypto exchange Binance to invest and bid on its loan book, according to people familiar with the matter.
Binance decided not to invest due to concerns that some of Genesis’ business activities could create a future conflict of interest.
“The company has no immediate plans to file for bankruptcy and its goal is to resolve the current situation in a consensual manner without requiring any bankruptcy filing. The company continues to engage in constructive dialogue with its creditors.”
A Genesis spokesperson said
In earlier news, Genesis had warned potential investors that they could file for bankruptcy if they were unable to raise capital. And Genesis’ funding goal was halved from $1 billion to $500 million.
Genesis suffered hundreds of millions of dollars in losses during the market crash in May of this year and also reported a direct exposure of $175 million in losses on FTX last week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Investors are more hopeful about rapid gains as Ethereum and Shiba Inu exhibit encouraging indications.
Blockchain Cross Chain Bridge Flows highlight Base, Solana, and Sui as the top performers, while…
Giggle Academy Twitter Hack reports that the account of Binance founder CZ’s project was compromised,…
Gary Gensler Resignation is expected as SEC Chairman Gary Gensler is likely to step down…
Larry Harmon, the Helix crypto mixer founder, was sentenced to 3 years in prison for…
The CFTC announced it no longer oversees the clearing of spot Bitcoin ETF options, clearing…
This website uses cookies.
