The cryptocurrency lending industry is facing yet another setback as Genesis Global Capital plans to file for bankruptcy in the coming days.
According to Bloomberg News, sources familiar with the situation have confirmed that the company, which froze customer redemptions in November following the downfall of major cryptocurrency exchange FTX, is expected to file for bankruptcy protection.
The collapse of FTX in November has had a domino effect on the crypto lending industry, with several companies, such as BlockFi and Core Scientific Inc, filing for bankruptcy in the following months.
Genesis, its parent company Digital Currency Group, and creditors have been in talks for weeks, but so far, have failed to reach an agreement. Leading law firms Kirkland & Ellis and Proskauer Rose have been advising groups of creditors in this process.
In addition to the bankruptcy proceedings, Genesis is also embroiled in a dispute with Gemini, a crypto exchange founded by the Winklevoss twins. G
We współpracy z: https://cryptodaily.co.uk/2023/01/genesis-bankruptcy-filing-expected-soon
