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Genesis Bankruptcy Worries Send Bitcoin to New Lows


A few days after its lending unit is forced to stop withdrawing Following the collapse of crypto exchange FTX, Genesis Global Trading mentioned bankruptcy as a potential option when seeking new funding, Bloomberg cited people with knowledge of the matter. this topic.

The Wall Street Journal, also citing people familiar, reported that Genesis seeks funding from Binance and Apollo Global Managementand Binance declined to invest, citing a potential conflict of interest.

Initial news sent bitcoins (BTC) to a new two-year low of $15,480. But the price has fully recovered back to what it was before the Bloomberg story surfaced, trading around $15,913 as of this update.

“We have no immediate plans to file for bankruptcy,” a Genesis representative told Bloomberg. “Our goal is to resolve the current situation by consensus without filing for bankruptcy. Genesis continues to have constructive conversations with creditors.”

Genesis and CoinDesk share the same parent company, Digital Currency Group.

Read more: Bernstein Says Grayscale Bitcoin Confidence Is Protected From Collapse at Sibling Firm Genesis Global

UPDATE (November 21, 2022, 23:01 UTC): Latest bitcoin price update.

UPDATE (November 22, 2022, 00:32 UTC): Updates with the WSJ reported that Genesis had sought funding from Binance and Apollo Global Management, and that Binance had declined to invest, citing a potential conflict of interest.

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