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

EU Probes Apple, Google and Meta for Potential Violations of New Digital Law

Massive Changes Coming to Google Chrome Threaten to Reshape the Modern Internet

Reddit makes a splash with spectacular stock debut

In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.

Vietnam’s Vingroup Makes Strategic Move with $1.6 Billion Sale of Vincom Retail Stake

In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.

NVIDIA and Johnson & Johnson MedTech’s AI Collaboration Revolutionizing Surgery

The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.

Alphabet-Apple Collaboration Unveiling Gemini AI for iPhone Innovation

Landmark Verdict: $60 Million Penalty Imposed on Mead Johnson in Enfamil Baby Formula Case

Devin AI: Pioneering the future as the first AI software engineer

In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.

Job Interview Red Flags: Phrases to avoid according to a former Google recruiter

When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.

US Pushes for ByteDance to Sell TikTok, But China Likely to Refuse

The ongoing saga between the United States and ByteDance, the Chinese tech giant behind the popular social media platform TikTok, has taken another turn. With the House approving a bill requiring ByteDance to divest TikTok within roughly six months, the possibility of a forced sale or effective ban looms large.