Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions.
"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson said in an emailed statement to Reuters, adding that it continues to have conversations with creditors.from Bloomberg News, citing sources, said Genesis was struggling to raise fresh cash for its lending unit, and warning investors it may need to file for bankruptcy if it does not find funding.
Apollo did not immediately respond to a Reuters request for comment on the WSJ report, while Binance declined to comment.in its lending business, citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX. Crypto exchange Gemini, which runs a crypto lending product in partnership with Genesis, tweeted on Monday that it was continuing to work with the company to enable its users to redeem funds from its yield-generating "Earn" programme.In a statement on its blog last week, Gemini said there was no impact on its other products and services after Genesis paused withdrawals.from investors before it suspended withdrawals.
Reporting by Manya Saini and Lavanya Sushil Ahire in Bengaluru; Additional reporting by Rishabh Jaiswal; Editing by Sriraj Kalluvila, Rashmi Aich and Sam Holmes
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