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Crypto lender Genesis says no plans to file bankruptcy imminently

Jimmy Khan

Nov 22, 2022 15:40

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Days after being forced to halt customer redemptions due to the collapse of cryptocurrency exchange FTX, cryptocurrency lender Genesis stated on Monday that it had no immediate intentions to declare bankruptcy.


We don't have any immediate plans to declare bankruptcy. In a statement sent by email to Reuters, a Genesis representative said, "Our goal is to settle the current issue consensually without the necessity for any bankruptcy filing." The company added that it is still in contact with its creditors.



According to a Bloomberg News story quoting sources, Genesis was having trouble finding new money for its lending division and was advising investors that if they did not obtain funding, they might have to file for bankruptcy.


Additionally, according to sources cited by the Wall Street Journal, the company approached cryptocurrency exchange Binance in an effort to secure an investment, but Binance declined out of concern for a potential conflict of interest.


According to the article, Genesis also requested cash assistance from Apollo Global Management, a private equity firm.


Apollo and Binance both declined to comment when Reuters reached out to them for a response to the WSJ report.


The sudden failure of Sam Bankman-cryptocurrency Fried's exchange FTX was cited by Genesis Global Capital as the reason for the suspension of customer redemptions in its lending business last week.


The Wall Street Journal reported on Thursday that Genesis had asked investors for a $1 billion emergency loan before it halted withdrawals.


In the highest-profile crypto meltdown to date, FTX filed for U.S. bankruptcy protection earlier this month after traders withdrew billions from the platform in just three days and rival exchange Binance abandoned a rescue arrangement.


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