Genesis Global Capital, the crypto lender that halted customer withdrawals in the aftermath of FTX's failure, is laying the groundwork for a bankruptcy filing, Bloomberg reported. By NelWang
Genesis Global Capital, the institutional crypto brokerage whose lending unit halted customer withdrawals in the aftermath of FTX's failure, is laying the groundwork for a bankruptcy filing, according to reports.
Bloomberg reported Genesis as in confidential negotiations with various creditor groups, with the company warnings it could seek bankruptcy protection if it fails to raise capital.Genesis as in talks with creditors about a prepackaged bankruptcy plan, which would mean the two sides coming to a restructuring agreement prior to any filing, and that deal then being made final in bankruptcy court.
Since the collapse and bankruptcy of crypto exchange FTX in November, Genesis had been scrambling to raise fresh capital or reach a deal with creditors. The company's institutional lending unit had been
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