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Jan 22, 2023
Crypto Firm Genesis To Become Latest Bankruptcy As Industry Continues To Collapse
Crypto Firm Genesis To Become Latest Bankruptcy As Industry Continues To Collapse
Another week, another major cryptocurrency firm is set to file for bankruptcy protection. As reported by Bloomberg News, Genesis Global Capital "is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation." "The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash," the report continued. The report noted further that no one from Genesis Global Capital responded to requests for comment, and a representative for DCG also declined to comment. The report added that talks are still taking place, and that means, ultimately, plans could change. But if things go as they have for other crypto firms, it looks like Genesis is destined for the ash heap of history too. Bloomberg News noted that financial pressure at DCG, which was
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