Genesis says no plans to file for bankruptcy

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Updated November 22, 2022 | Published November 22, 2022

2 mins read

The exchange paused withdrawals last week but told Reuters that it had no plans to file for bankruptcy.

Genesis, a cryptocurrency lender that seems to be experiencing some difficulty presently, has assured investors and consumers that it will not be filing for a bankruptcy in the foreseeable future.

These remarks come after rival FTX crashed and filed for bankruptcy unlocking a meltdown in the market.

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing”, a spokesperson for Genesis told Reuters, trying to calm markets and investors.

The remarks come at a time when Bloomberg News has published a report that the cryptocurrency lender may in fact be struggling to maintain liquidity, and worse – may in fact proceed with bankruptcy filing should it not find sufficient funds to repay investors.

Genesis is also trying to reach out to competitor Binance to seek additional funding. Binance previously offered to buy out FTX but quickly backed out of the deal after it transpired that the exchange had grossly misused consumer funds.

As to Genesis, the Wall Street Journal reported that Binance had hesitated and turned down the offer ultimately, fearing a conflict of interests later on.

Genesis has reportedly also reached out to Apollo Global Management, a private equity firm, but it is not yet clear what has happened.

Genesis shut down customer redemptions last week, arguing that the sudden collapse of FTX has sent markets in meltdown and made it so much more difficult to withstand the panic that this development has caused.

Genesis assured in a blog post that even though withdrawals are paused, there is no problem with the rest of the company’s products and services and consumers may carry on – that is if they are confident that Genesis won’t end up in the red and unable to repay consumers.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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