Second Major Cryptocurrency Exchange Could Be Poised To Go Bankrupt

Second Major Cryptocurrency Exchange Could Be Poised To Go Bankrupt


Genesis Global Trading could be poised for bankruptcy less than two weeks after fellow cryptocurrency exchange FTX suddenly imploded.

According to a Monday report from Bloomberg, Genesis has been facing a liquidity crunch as users spooked by the collapse of FTX began rapidly withdrawing their assets. Unnamed sources told the outlet that executives at Genesis have spent the past several days asking investors for $1 billion in fresh capital, which has not yet materialized.

“We have no plans to file bankruptcy imminently,” a spokesperson for Genesis told Bloomberg. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

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FTX, which had been controlled by 30-year-old multibillionaire Sam Bankman-Fried, filed for bankruptcy after users discovered

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