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Seeking Alpha 2022-11-21 22:57:27

Crypto broker Genesis is said to alert of possible bankruptcy as it scrambles for funding

Crypto broker Genesis is said to alert of possible bankruptcy as it scrambles for funding
Genesis, the troubled cryptocurrency brokerage that was forced to suspend consumer withdrawals last week in the wake of crypto exchange FTX's implosion, has warned that it may need to file for bankruptcy protection, Bloomberg reported Monday, citing people familiar with the matter. The news shook crypto investors as bitcoin ( BTC-USD ) extended its intraday slump to as low as $15.52K, though the token has since erased some of those losses, changing hands at $15.72K as of 5:57 p.m. ET. The possible bankruptcy also underscores how FTX's collapse has sent shockwaves through the wider crypto ecosystem that don't appear to be abating. Genesis was said to have spent the past few days trying to raise at least $1B in new capital from potential investors amid its liquidity crunch. Binance was included in such talks, the people told Bloomberg, though funding has yet to come to fruition. “We have no plans to file bankruptcy imminently,” a representative for Genesistold Bloomberg. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.” Binance declined to comment to Seeking Alpha's request for comment, and Genesis did not immediately respond. Take a look at the latest on the FTX's fallout .
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