Genesis, a crypto lending company, has denied rumors that a bankruptcy filing is “imminent,” according to Cointelegraph.

As Coincu reported, the company had issues acquiring capital for its lending segment and informed investors it would likely have to file for bankruptcy.

A representative for Genesis informed Cointelegraph that there were no “imminent” intentions to declare bankruptcy:

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

Sources cited in a November 21 report from The Wall Street Journal claimed that Binance had walked away from the deal with Genesis because the business could have created a conflict of interest.

Due to the FTX contagion, the company was last week dealing with unusual withdrawal requests that were greater than their liquidity. As a result, this has made a lot of the lender’s current issues worse.

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

Harold

Coincu News

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Genesis Denies Rumors That The Company Is About To File For Bankruptcy

Genesis, a crypto lending company, has denied rumors that a bankruptcy filing is “imminent,” according to Cointelegraph.

As Coincu reported, the company had issues acquiring capital for its lending segment and informed investors it would likely have to file for bankruptcy.

A representative for Genesis informed Cointelegraph that there were no “imminent” intentions to declare bankruptcy:

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

Sources cited in a November 21 report from The Wall Street Journal claimed that Binance had walked away from the deal with Genesis because the business could have created a conflict of interest.

Due to the FTX contagion, the company was last week dealing with unusual withdrawal requests that were greater than their liquidity. As a result, this has made a lot of the lender’s current issues worse.

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

Harold

Coincu News

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