Saturday, January 7, 2023

Crypto Lender Genesis Slashes 30% of Staff, Considers Bankruptcy

Crypto Lender Said to Be on Brink of Collapse Though Genesis has not publicly announced that it will file for bankruptcy, the latest reports indicate that the firm is on the verge of doing so. After the FTX collapse in November 2022, the crypto lender suspended withdrawals, as it had $175 million locked in an FTX trading account. When it asked Binance for help raising fresh capital of at least $1 billion, Binance denied the request. Genesis is owned by Barry Silbert's Digital Currency Group (DCG), which is also the parent company of CoinDesk, the news outlet that first reported the deteriorating financial condition of FTX in late 2022. Winklevoss Brothers Are Worried Crypto exchange and Genesis creditor Gemini is critical of the way Genesis is handling its recent financial troubles. Genesis owes Gemini $900 million, and its founders, the Winklevoss twins, are blaming the parent company, Digital Currency Group. Crypto Lender Said to Be on Brink of Collapse Though Genesis has not publicly announced that it will file for bankruptcy, the latest reports indicate that the firm is on the verge of doing so. After the FTX collapse in November 2022, the crypto lender suspended withdrawals, as it had $175 million locked in an FTX trading account. When it asked Binance for help raising fresh capital of at least $1 billion, Binance denied the request. Genesis is owned by Barry Silbert's Digital Currency Group (DCG), which is also the parent company of CoinDesk, the news outlet that first reported the deteriorating financial condition of FTX in late 2022. Winklevoss Brothers Are Worried Crypto exchange and Genesis creditor Gemini is critical of the way Genesis is handling its recent financial troubles. Genesis owes Gemini $900 million, and its founders, the Winklevoss twins, are blaming the parent company, Digital Currency Group.

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