Genesis Hires Alvarez, Cleary Gottlieb to Help Explore Options

Crypto brokerage Genesis is working with financial and legal advisers to explore options as it halts redemptions and originations at its lending business amid a liquidity crunch.

The company hired Alvarez & Marsal and law firm Cleary Gottlieb Steen & Hamilton for advice, according to a spokesperson for Digital Currency Group, the parent of Genesis.

New York-based Genesis’s lending business faced what it described as “abnormal withdrawal requests” in the aftermath of the collapse of FTX, which exceeded its current liquidity.

The company will explore options including raising new funding and will deliver a plan for its lending business next ...