The crypto lender Genesis Global Capital is in danger of going bankrupt. The crypto market is waiting in fear for another dump.

A report from Bloomberg on November 22 states that Genesis has $2.8 billion in unpaid debts on its balance sheet, with over 30% of those loans going to “related parties” such as its parent business Digital Currency Group and its affiliate and lending unit, Genesis Global Trading. Genesis alerted its customers last week that it was stopping withdrawals due to liquidity problems.
Genesis is reportedly looking to raise $500 million to $1 billion from investors to make up for a gap that was caused by extreme market volatility and the collapse of the cryptocurrency exchange FTX.
The crypto lender has recruited the investment firm Moelis & Company to investigate possibilities, including a potential bankruptcy. Moelis also helped the crypto lender Voyager Digital, which filed for bankruptcy in July.
The individuals related to the investigation revealed that no decisions had been put in stone and that there was still time for the business to avoid filing for bankruptcy.
Genesis previously acknowledged hiring consultants Alvarez & Marsal and legal counsel Cleary Gottlieb to help them deal with a liquidity crisis.
A representative for Genesis stated: “Our goal is to resolve the current situation without the need for filing a bankruptcy”.
Since the collapse of the cryptocurrency exchange F.T.X. earlier this month, Genesis has come under pressure from its creditors. Genesis claimed that $175 million of its assets were still at FTX when the exchange frozen accounts just before declaring bankruptcy last month. FTX and Genesis were trading partners.
Writing to clients on Tuesday afternoon, Barry Silbert, Digital Currency Group’s founder and chief executive said: “This is an issue of liquidity and duration mismatch in the Genesis loan book,”. He emphasized: “Importantly, these issues have no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.”
 “Genesis leadership and their board decided to hire financial and legal advisors and the firm is exploring all possible options amidst the fallout from the implosion of FTX.” He added.
There was no further information on whether Genesis would bring on more advisors to help with the issues

Ho Chi Minh City Unveils Multi-Functional AI Livestream Shopping Center

Bitcoin Spot ETF Approval and Its Impact on Crypto Market Transformation

TikTok’s shift to long-form content sparks concerns among creators

Huawei’s Inpiring comeback story in the face of adversity

Nike’s cautionary tale reflects global economic uncertainty

A Week of Innovations, Challenges, and Elon Musk’s Sarcastic Sidekick

Meta Introduces Subscription Service for Facebook and Instagram Users in Europe

China Grants First-Ever Approval for Fully Autonomous Passenger-Carrying Air Taxis

Adobe MAX 2023: Introducing the Next Generation of Creativity, Powered by AI

Apple’s Missed Opportunities with Bing and DuckDuckGo Deals

techbiz.network Open AI Sora

OpenAI’s Sora Unleashes Social Media Storm

OpenAI, renowned for its groundbreaking AI models like ChatGPT, recently launched Sora, a text-to-video model that has left the public …
techbiz.network from Bard to Gemini

From Bard to Gemini: Google’s Next-Generation AI Evolution

Google has recently made significant strides in the realm of artificial intelligence with the transformation of its AI chatbot, Bard, …
techbiz.network Open AI Sora

OpenAI’s Sora Unleashes Social Media Storm

OpenAI, renowned for its groundbreaking AI models like ChatGPT, recently launched Sora, a text-to-video model that has left the public …
techbiz.network from Bard to Gemini

From Bard to Gemini: Google’s Next-Generation AI Evolution

Google has recently made significant strides in the realm of artificial intelligence with the transformation of its AI chatbot, Bard, …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Vietnam Airlines' Heritage Guide

Unveiling the Heritage Guide: Vietnam Airlines’ Exquisite Travel Companion for Exploring Vietnam

On June 15th, Vietnam’s national airline, Vietnam Airlines, officially launched a new travel guide publication called “Heritage Guide” on all …
techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …
Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

In this eighth episode, we’ll learn about VinBrain, a VinGroup subsidiary dedicated to developing AI and IoT technologies for …
techbiz.network blockchain meets metaverse

Talks with Leaders, Special episode: Blockchain meets Metaverse, featuring business leaders, investors, tech experts and global influencers

On November 14, 2021, the live webinar Blockchain meets Metaverse was successfully organized by TechBiz with the participation of …
techbiz.network Open AI Sora

OpenAI’s Sora Unleashes Social Media Storm

OpenAI, renowned for its groundbreaking AI models like ChatGPT, recently launched Sora, a text-to-video model that has left the public …
Ho Chi Minh City Unveils Multi-Functional AI Livestream Shopping Center

Ho Chi Minh City Unveils Multi-Functional AI Livestream Shopping Center

On January 25, Ho Chi Minh City’s Research and Development Institute introduced a groundbreaking AI-powered livestream shopping center, marking the …

techbiz.network valentino joins metaverse

Valentino Joins the Metaverse: An Exciting Partnership with UNXD

Valentino, the iconic Italian fashion house, has announced its foray into the metaverse through a partnership with UNXD, the leading …

techbiz.network bitcoin etf

Bitcoin Spot ETF Approval and Its Impact on Crypto Market Transformation

Cryptocurrency enthusiasts are eagerly awaiting a potential breakthrough as the approval of a bitcoin spot ETF appears imminent, with the …

techbiz.network bitcoin etf

Bitcoin Spot ETF Approval and Its Impact on Crypto Market Transformation

Cryptocurrency enthusiasts are eagerly awaiting a potential breakthrough as the approval of a bitcoin spot ETF appears imminent, with the …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Abode by Stuarte Semple challenges Adobe

Abode: Artist Challenges Adobe’s Dominance with Lifetime Creative Software Suite

Artist and activist Stuart Semple has embarked on an ambitious project to challenge the dominance of Adobe, the corporate …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …

techbiz.network thread lost 82% users

Threads App’s Rollercoaster Ride: Plummeting 82% of Users Raise Concerns for Meta’s Social Experiment

In early July, Meta, formerly known as Facebook, unveiled its highly anticipated social media offering, Threads. The platform, described as …

techbiz.network Michelin Guide

The Michelin Guide: Honoring Culinary Excellence and Unveiling Hidden Gems

The Michelin Guide, which began as a humble travel companion for motorists, has evolved into an iconic gastronomic authority. It …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …

techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …