Genesis Creditors Hire Lawyers to Prevent Bankruptcy
Bloomberg News says that Genesis is in talks with its creditors and possible investors. People who know about the situation told Bloomberg News on Wednesday that the creditors of Genesis Global Trading have hired restructuring lawyers to help figure out a way to keep the crypto brokerage from having to file for bankruptcy. People say […]
BlockFi bankruptcy filing sparks wide range of community reactions
As BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell. Podcaster Matt Odell offered a different explanation for BlockFi’s bankruptcy filing despite the company citing the FTX contagion as the cause. According to Odell, the lending platform failed because it lent customer money to risky traders who […]
Crypto Lender BlockFi Files For Bankruptcy
Blockfi filed for bankruptcy, becoming the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-fried’s empire. The cryptocurrency lender, announced on Monday that it had applied for Chapter 11 bankruptcy protection in a New Jersey court along with eight affiliates. This makes BlockFi the latest victim of market instability brought on […]
American regulators to investigate Genesis and other crypto firms
Alabama and several other American states are investigating alleged securities violations and connections with retail investors. Securities regulators in the U.S are looking into cryptocurrency lending company Genesis Global Capital and other crypto firms, according to reports on November 25. According to Barron’s, Joseph Borg, director of the Alabama Securities Commission, confirmed that his state […]
Genesis hires restructuring consultant to help escape bankruptcy
Genesis Global Capital has reportedly hired a restructuring advisor to evaluate all possibilities, including bankruptcy. According to a Nov. 22 New York Times report, it is believed that the company has hired investment bank Moelis & Company to investigate options, though people familiar with the situation have emphasized that no financial decisions have been made […]