Media: Genesis Trading will file for bankruptcy before the end of the week
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Cryptocurrency OTC platform Genesis Trading is preparing to begin bankruptcy proceedings. The media expect that the company will file a corresponding application by the end of this week. Bloomberg, citing its own sources, said Genesis’s Form 11 “Protection against Creditor Claims Pending Restructuring” application would be a logical step after the termination of payments to customers and large-scale layoffs. Also appeared in The Block yesterday publication that the top managers of the company are negotiating possible bankruptcy. In August, Genesis announced that it was going to cut the staff, which consisted of 260 people, by 20%. CEO Michael Moreau also
Cryptolending platform Genesis Global Capital, part of the Digital Currency Group (DCG), is preparing to file for bankruptcy. According to informed sources Bloombergthe firm will do so in the coming days. The management of the platform conducts confidential negotiations with various groups of creditors in the face of a liquidity…
Genesis Global Capital platform today filed an application insolvency under Chapter 11 of the United States Bankruptcy Code. Applications were submitted on behalf of Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital. The company presented a list of its debt obligations. Genesis recognizes liabilities to…
It’s happened again, folks. Another bankruptcy is in the crypto books. This time, the company that’s falling victim to alleged bankruptcy proceedings is Genesis, the crypto lending unit of the Digital Currency Group that has worked heavily with Gemini, a crypto exchange in New York run by the Winklevoss Twins.…