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Another 1 bites the dust? Reports suggest the archetypal filing could travel aboriginal this week.
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Cryptocurrency lending steadfast Genesis Global Capital, a subsidiary of crypto conglomerate Digital Currency Group, is reportedly preparing to record for bankruptcy arsenic aboriginal arsenic this week.
According to a Jan. 18 Bloomberg report, Genesis antecedently said it was considering a bankruptcy filing if it were incapable to rise currency amid a liquidity crunch — a concern akin to that preceding crypto speech FTX’s Chapter 11 filing successful November. Citing radical with cognition of the situation, Bloomberg reported Genesis could record for bankruptcy arsenic soon arsenic this week.
The study followed the United States Securities and Exchange Commission announcing connected Jan. 12 that it had charged Genesis and crypto speech Gemini with offering unregistered securities done Gemini's “Earn” program. The steadfast besides reported it had astir $175 million worthy of funds connected FTX anterior to the exchange's bankruptcy successful November.
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