Genesis warns of possible bankruptcy without funding: Bloomberg

Genesis is having a hard time raising cash for its lending unit, and it is warning potential investors it could possibly file for bankruptcy if it is unable to do so, Bloomberg reported, citing people with knowledge of the matter.

The firms has faced a liquidity crunch since FTX’s bankruptcy filing earlier this month and has been trying to raise at least $1 billion, including from Binance, Bloomberg said.

Bloomberg cited a statement from Geneis that said it has no plans to file for bankruptcy “imminently,” and that it’s working to resolve the current situation.

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