Genesis creditors organize in bid to forestall bankruptcy move: Bloomberg
Crypto firm Genesis Global Capital warned last week about a possible bankruptcy filing, and now some of its creditors are pursuing options in order to prevent such a move. Law firms Proskauer Rose and Kirkland & Ellis are said to be involved in discussions with creditors, according to Bloomberg.
Genesis Trading was previously said to be seeking as much as $1 billion in emergency funding for its lending arm, though would-be investors like Binance ultimately bowed out. Genesis Global Capital previously halted withdrawals and new loan originations and disclosed it had some funds in FTX. FTX as well as a broader downturn in the crypto market that began earlier this year.
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