S&P 500
7,455.40
+0.03%
Dow Jones
52,265.10
-0.06%
Nasdaq 100
29,852.80
+0.18%
Russell 2000
3,008.22
-0.04%
FTSE 100
10,525.20
-0.14%
Nikkei 225
70,622.30
-0.05%

Investing

Genesis Global Capital Hires Restructuring Advisors, Bankruptcy Not Ruled Out

Photo of 247patrick
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.

Follow 24/7 Wall St. on Google
Photo of 247patrick
About the Author 247patrick →

Continue Reading

Genesis Global Trading’s Crypto Lending Arm Halts Withdrawals, $2.8B in Active Loans
247patrick |

Genesis Global Trading’s Crypto Lending Arm Halts Withdrawals, $2.8B in Active Loans

Genesis Global Capital, the crypto lending arm of Genesis Global Trading, halted the redemption and issuance of new loans.

US Prosecutors Ramp Up Investigations on Crypto Firms Post FTX Collapse
247patrick |

US Prosecutors Ramp Up Investigations on Crypto Firms Post FTX Collapse

U.S. authorities have ramped up their investigation into crypto-related firms following the recent catastrophic collapse of FTX.

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors
247patrick |

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors

Cryptocurrency firm Genesis Global has filed for bankruptcy, becoming the latest victim of the ongoing crypto winter.

How Far Can the FTX Contagion Spread?
247patrick |

How Far Can the FTX Contagion Spread?

The FTX fallout continues to reap its contagion toll.

SEC Intervenes in Genesis-Gemini Feud Suing Both Companies
247patrick |

SEC Intervenes in Genesis-Gemini Feud Suing Both Companies

The SEC filed a complaint against Genesis Global and Gemini Trust over the unregistered sale of crypto assets through Gemini…

FTX Blowout Could Drop BTC to $5,000, Shift Demand to Gold: Standard Chartered
247patrick |

FTX Blowout Could Drop BTC to $5,000, Shift Demand to Gold: Standard Chartered

Could Bitcoin lose another 70% and plunge to as low as $5,000 by next year?

247patrick |

DCG-Genesis Crisis in the Making as CEO Barry Silbert Fails to Respond

Tracking hundreds of active blockchain projects is a full-time job. But finding out how they are funded is much easier…

Genesis Working With Moelis & Co. Mulling Over Chapter 11 Bankruptcy
247patrick |

Genesis Working With Moelis & Co. Mulling Over Chapter 11 Bankruptcy

Genesis Global Markets reportedly is working with the investment bank Moelis & Company on potential solutions to its financial woes.

Genesis Preparing to File for Bankruptcy Before the End of This Week
247patrick |

Genesis Preparing to File for Bankruptcy Before the End of This Week

Cryptocurrency firm Genesis Global reportedly is seriously considering bankruptcy and might file before the end of this week.

Top Gaining Stocks

Corning
GLW • Vol: 24,307,400
KLA
KLAC • Vol: 14,628,648
Western Digital
WDC • Vol: 11,268,872
Applied Materials
AMAT • Vol: 14,164,881
Axon Enterprise
AXON • Vol: 1,847,989

Top Losing Stocks

Honeywell
HON • Vol: 7,773,157
Coterra Energy
CTRA • Vol: 73,319,495
Super Micro Computer
SMCI • Vol: 91,227,161
Copart
CPRT • Vol: 18,101,097
Ulta Beauty
ULTA • Vol: 895,681