Cryptocurrency lender Genesis said on Monday it has no plans to file for bankruptcy imminently, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions.
"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 Genesis spokesperson said in an emailed statement to Reuters, adding that it continues to have conversations with creditors.from Bloomberg News, citing sources, said that Genesis was struggling to raise fresh cash for its lending unit, and warning investors it may need to file for bankruptcy if it does not find funding.
Apollo did not immediately respond to a Reuters request for comment on the WSJ report, while Binance declined to comment.in its lending business, citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX.from investors before it suspended withdrawals.protection in the highest-profile crypto blowup to date, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal.
Reporting by Manya Saini and Lavanya Sushil Ahire in Bengaluru; Editing by Sriraj Kalluvila and Rashmi Aich
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