Troubled crypto lending platform – Genesis Global – has started to move towards filing for bankruptcy, according to a report by Bloomberg. The platform could file for bankruptcy as soon as this week. The platform has been on the brink of bankruptcy since November 2022, with the platform trying to raise nearly a billion in funds.
Notably, the report comes days after Digital Currency Group (DCG) – the parent firm of Genesis – suspended quarterly dividends. Moreover, the crypto lending platform has been in a tiff with Gemini – a leading American crypto exchange – since the start of the year. The cause of the friction is the suspension of withdrawals on Genesis, a move made in November as a result of the FTX collapse.
Related Readings:
Gemini Terminates Genesis Loans, Officially Ends Earn Program
Troubled Crypto Lender Genesis Owes Creditors Over $3B
DCG Scrambling To Raise Funds To Cover Genesis’ $3B Debt Burden
SEC Charges Over Gemini, Genesis Earn Program Latest Shot at Crypto Lending
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