Crypto Firm Genesis Said to Prepare Bankruptcy Filing This Week

Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.

The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.

Watch: Genesis Global Capital is laying the groundwork for a bankruptcy filing.

Source: Bloomberg

Representatives at Genesis Global Capital didn’t immediately respond to requests for comment. A representative for DCG declined to comment. Talks are ongoing and plans could change, the people added.

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