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Genesis, A Cryptocurrency Lender, Is Preparing To File For Bankruptcy, According To Bloomberg News
Abstract：Genesis Global Capital, a cryptocurrency lender, is expected to file for bankruptcy as soon as this week, according to Bloomberg News, citing individuals familiar with the issue.
Genesis Global Capital, a cryptocurrency lender, is expected to file for bankruptcy as soon as this week, according to Bloomberg News, citing individuals familiar with the issue.
For weeks, a bankruptcy filing was anticipated after the business suspended client redemptions on Nov. 16 after the collapse of major cryptocurrency exchange FTX.
Following FTX's demise in November, numerous victims emerged, including crypto lender BlockFi and Core Scientific Inc, one of the largest publicly listed crypto mining businesses in the United States, both of which filed for bankruptcy protection in the months that followed.
According to the Bloomberg story, Genesis, its parent company Digital Currency Group, and creditors have exchanged various offers but have yet to reach a deal. Kirkland & Ellis and Proskauer Rose have been counseling groups of creditors.
Genesis did not immediately reply to a request for comment from Reuters.
Genesis is also at odds with Gemini, which was created by identical twin crypto pioneers Cameron and Tyler Winklevoss.
Gemini, in collaboration with Genesis, created a crypto loan product called Earn and now claims Genesis owes it $900 million in connection with that product.
The Assets and Exchange Commission accused Genesis and Gemini last week of unlawfully marketing securities to hundreds of thousands of investors through their crypto lending scheme.
Keep an eye out for more cryptocurrency news.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Apex Markets Review: Traders Outraged Over Withdrawal Denials & Other Trading Issues
Struggling to access fund withdrawals from Apex Markets for months? Does the broker remain silent on fund withdrawal issues? Does the Saint Vincent and the Grenadines-based forex broker reject your winning trades? Have you failed to get a refund into the card used for deposits? Did the broker deduct from your trading account instead? Traders have been imposing these scam allegations while sharing the Apex Markets Review online. We read the reviews and shared some of them below. Take a look!
Original 12h
tastyfx Exposed: Fund Losses, Trade Manipulation & Account Related Hassles Hurt Traders
Are fund losses normal for you at tastyfx? Does the US-based forex broker constantly manipulate prices to hit your trading experience? Do you fail to receive a reply from the broker on your fund withdrawal requests? Do you constantly face trading account issues with tastyfx? It’s time to read the tastyfx review shared by traders online.
Original 13h
Aron Groups Review: Fund Losses, High Commission & Trade Manipulation Keep Traders on Tenterhooks
Have you lost your hard-earned capital while trading via Aron Groups Broker? Has the high commission charged by the broker substantially reduced your trading profits? Does the Marshall Islands-based forex broker constantly manipulate spreads to widen your capital losses? Have you been lured into trading courtesy of Aron Groups No Deposit Bonus, only to find that you had to deposit capital to get a bonus? All these and many more trading issues have become synonymous with the experience of Aron Groups’ traders. Consequently, many traders have shared negative Aron Groups reviews online. In this article, we have shared some of their reviews.
Original 14h
Uniglobe Markets Bonus Review: Understanding the Offers and Uncovering the Risks
Many traders start looking for a new broker by searching for special deals and bonuses. The phrase "Uniglobe Markets no deposit bonus" is something people often search for. Let's address this question clearly and directly. Based on all the information we have, Uniglobe Markets does not currently offer a no-deposit bonus. Instead, this broker focuses on bonuses that require you to deposit your own money first. To get any bonus credits, traders must put in their own capital. Read on to learn how this entire bonus works out for traders.
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