Genesis and other crypto companies are being investigated for allegedly influencing investors without obtaining the right registrations.
The firm is reportedly facing difficulties raising money for its lending unit. However, Genesis hasdue to a $1 billion shortfall. The company told Cointelegraph on Nov. 22 that it does not plan to file for bankruptcy"immediately" and continues to negotiate with creditors in a constructive manner:
“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”to explore all possible options that include, but aren’t limited to, a potential bankruptcy, as reported by Cointelegraph on Nov. 23.
Genesis has been in the spotlight due to concerns of a supposed contagion in the industry as a result of FTX's bankruptcy, along with its sister company, Grayscale Investments and their parent company Digital Currency Group. A tweet from Grayscale on Nov. 18 reassured investors that all digital assets underlie Grayscale's digital asset products are stored under Coinbase's custody, citing a letter from Coinbase's CFO Alesia Haas and CEO Aaron Schnarch.
4) All digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company, LLC. Read more from
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