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22-11-2022, 07:40 AM
Genesis warns of bankruptcy as Estonia arrests two over $870m fraud
Digital asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and is warning potential investors that it may need to file for bankruptcy if its efforts fail, according to people with knowledge of the matter.
Genesis, which has faced a liquidity crunch in the wake of crypto exchange FTX’s bankruptcy filing this month, has spent the past several days seeking at least $US1 billion ($1.5 billion) in fresh capital, the people said.
Digital asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and is warning potential investors that it may need to file for bankruptcy if its efforts fail, according to people with knowledge of the matter.
Genesis, which has faced a liquidity crunch in the wake of crypto exchange FTX’s bankruptcy filing this month, has spent the past several days seeking at least $US1 billion ($1.5 billion) in fresh capital, the people said.
