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Genesis Global Capital Hires Restructuring Advisors, Bankruptcy Not Ruled Out

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By 247patrick Published
Genesis Global Capital Hires Restructuring Advisors, Bankruptcy Not Ruled Out

© 136770128@N07 / Flickr

Genesis Global Capital’s crypto lending arm paused withdrawals and new loans last week as the company faced extreme market conditions post FTX’s collapse.

According to the New York Times, the company has hired Moelis & Co to explore future options for the business including a potential bankruptcy.

As per recent data, Genesis Global Capital reported $2.8B in active loans for Q3 2022.

Genesis is one among many suffering from the collapse of FTX and its cascading effects on the crypto industry.

This is a developing story and will be updated.

This article originally appeared on The Tokenist.

Contact [email protected] for any questions or corrections.

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