Genesis Warns Of Bankruptcy Without New Funding - Bloomberg

(Updated - November 21, 2022 4:50 PM EST)

Crypto firm Genesis is struggling to raise fresh cash for its lending unit and it is warning potential investors that it may need to file for bankruptcy if its efforts fail, according to Bloomberg, citing people with knowledge of the matter.

Genesis spend the past several days seeking at least $1 billion in fresh capital. Talks included a potential investment from Binance. Funding so far has failed to materialize.

The company told Bloomberg via email that it has no plans to file bankruptcy imminently.

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