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Genesis preparing for bankruptcy filing - reports
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finextra.comGenesis parent Digital Currency Group (DCG), which has a venture capital portfolio worth around $500 million, has struggled to find outside investment, according to the FT.Last month, Genesis Global Capital's lending unit laid off about 30% of its workforce as it faced up to the FTX fallout, which had already forced to it to stop customer withdrawals.
The company has come under increasing pressure to make good on $900 million of locked deposits.
. Read more on finextra.comAbout this in other media
Genesis Capital’s fall might transform crypto lending — not bury it cointelegraph.com /1 year ago
FTX lawyers to reap millions from the bankruptcy case: Report cointelegraph.com /1 year ago
Genesis creditors file securities lawsuit against Barry Silbert and DCG cointelegraph.com /1 year ago
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