Firm Genesis Is Preparing to File for Bankruptcy

• The crypto lending unit of DCG could file as soon as this week

• Turmoil left Barry Silbert in a public battle with Winklevoss

Crypto Firm Genesis Preparing for Bankruptcy Filing

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

By

Rachel Butt and

Olga Kharif

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January 18, 2023, 11:37 PM GMT+5Updated onJanuary 19, 2023, 3:33 AM GMT+5

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.

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