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Crytpo Firm Genesis Says We Won't File For Bankruptcy

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Genesis is Trying to Resolve Its Problem.

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Genesis, a crypto lender, said it does not plan to file bankruptcy immediately or near future.

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Genesis also stopped customer redemptions after the collapse of the crypto exchange FTX.

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According to Reuters, Genesis spokesperson stated, 

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"Our goal is to solve the current situation consensually, without the need for any bankruptcy filing."

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Genesis also continues to have constructive discussions with creditors.

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Bloomberg reported that Genesis is having trouble raising new funds and is in danger of going bankrupt.

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WSJ reported that Genesis approached Binance as well for investment. 

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However, Binance declined the offer because of concerns about a conflict of interest.

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WSJ reported that Genesis approached Apollo Global Management, a private equity firm, for funding.

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