.BarrySilbert's Genesis has filed for bankruptcy
Earlier this week, Bloomberg reported that the crypto brokerage, which is a subsidiary of Digital Currency Group, was on the verge of bankruptcy since it was strapped for cash. The company was negotiating with various creditor groups before filing for bankruptcy, according to the report.
As part of the bankruptcy process, the firm presented a cohesive roadmap to an eventual exit which would include a restructuring plan that is meant to provide adequate funding while honoring its obligations to clients. This was backed by an independent board of directors with Derar Islim being appointed as Interim CEO in August 2022.
Genesis has also secured $150 million in cash to provide liquidity while they restructure their operations and move forward with creditor payments.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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