Genesis has claimed that it is in talks with investors and wants to resolve its fund shortage without filing for bankruptcy.
Bankruptcy Filing Not Imminent
Crypto lending platform Genesis might not be one of the dominos that toppled over in the aftermath of the FTX debacle. The company has refuted reports of an imminent bankruptcy filing.
It has been in a $1 billion shortfall due to its significant exposure to the defunct crypto exchange FTX. Earlier, there were reports that the firm was having trouble raising money to cover the shortfall and was considering filing for bankruptcy. Although the company never announced a bankruptcy filing, several people familiar with the matter claimed so. However, in a more recent turn of events, a company spokesperson has refuted these claims. According to them, the company is continuing to explore other alternatives through constructive decisions with creditors and has no plans to file for bankruptcy as of now.
They stated,
“We have no plan
We współpracy z: https://cryptodaily.co.uk/2022/11/is-genesis-filing-for-bankruptcy
