Genesis is Getting Ready to File for Bankruptcy.
Industry News
January 19, 2023Upd on August 17, 2023
According to Bloomberg, Genesis, which is estimated to owe creditors up to $3 billion, is in private talks with several creditor groups and has threatened to file for bankruptcy if it cannot raise the necessary funds.
It is currently building the framework for a bankruptcy petition, which may occur as soon as this week.
According to the FT, Genesis’ parent company Digital Currency Group (DCG), which has a venture capital portfolio worth about $500 million, has had trouble attracting outside financing.
About 30% of the staff at Genesis Global Capital’s lending division were let go last month as the company dealt with the aftermath of FTX after already having to stop customer withdrawals.
And there is growing pressure on the firm to fulfill 900 million dollars in locked deposits.
Alexander Shishkanov has several years of experience in the crypto and fintech industry and is passionate about exploring blockchain technology. Alexander writes on topics such as cryptocurrency, fintech solutions, trading strategies, blockchain development and more. His mission is to educate individuals about how this new technology can be used to create secure, efficient and transparent financial systems.
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As a hard-working, goal-oriented, and well-rounded person, I always strive to do quality work for every job I do. Faced with challenging tasks in life, I have developed the habit of thinking rationally and creatively to solve problems, which not only helps me develop as a person, but also as a professional.
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Milena MoonMilena Moon is the head of media projects in the marketing department of the B2Broker Group. Milena's career began in 2018 as a freelance social media journalist. Since then, she has sought out and written about the latest crypto trends, from news in the sector to educational articles that help newcomers immerse themselves in the crypto industry in the easiest way possible. Milena also has experience and education in the TV industry, which help other B2Broker projects thrive.
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