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
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The Tiktok Congressional hearing has sparked a firestorm of contrasting viewpoints on the perspectives of the two sides. Many Americans voiced disappointment and frustration over the lawmakers’ arguments and questions, which revealed their ignorance of technology, social media, and Tiktok, making their speech a laughing stock for viewers.
Dozens of American companies are in Vietnam this week to explore local investment opportunities in one of the fastest-growing economies in the world.
GSM, a subsidiary of Vingroup’s electric vehicle leasing company, has invested in Be Group to bring Vinfast electric cars and motorbikes into their transportation services.
Every year, the Spanish city of Valencia becomes a hub of excitement and activity as it celebrates one of the most unique and spectacular festivals in the world: Las Fallas.
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From being rejected on Shark Tank to becoming a guest Shark and eventually selling his company, Ring, for over a billion dollars to Amazon, Siminoff’s journey is nothing short of inspiring.
Amazon’s CEO Andy Jassy has just announced in a memo to staff that Amazon is set to lay off an additional 9,000 employees in the coming weeks.
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