גענעסיס קריפּטאָ בראָוקערידזש סקראַמבאַלז צו האַלטן באַנקראָט אין בייַ

Embattled crypto brokerage Genesis is pulling out all the stops and exploring all options it has to keep the bankruptcy lawyers at bay.

Creditors are joining forces with liquidation and restructuring lawyers in an effort to keep the firm afloat. The crypto lending platform סוספּענדעד ווידדראָאַלז on the platform on Nov. 16, as reported by BeInCrypto.

According to a Nov. 30 Bloomberg מעלדונג citing anonymous sources, creditors are seeking advice from different legal firms. The creditor groups are seeking to avoid the situation that sank FTX International earlier this month.

“Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing,” said one spokesperson.

Big Outstanding Balance Sheet at Genesis

The report noted that Genesis has around $2.8 billion in outstanding loans on its balance sheet. Almost a third of that was made to related entities, including the parent company, Digital Currency Group (DCG).

Its problems stem from the outstanding loans with Alameda. It also had hefty loans with the now-bankrupt crypto hedge fund Three Arrows Capital (3AC). Over the weekend, DCG revealed that it had a $2 billion liability, most of which is owed to Genesis.

Last week, interim CEO Derar Islim said Genesis had begun talks with potential investors. It has also engaged with its largest creditors and borrowers, which include the Gemini exchange and DCG.

Furthermore, the firm hired Moelis & Co. to evaluate strategies and advance negotiations. Creditor groups are also in discussions with Kirkland & Ellis and Proskauer Rose, according to Bloomberg.

Genesis has sought a $ 1 ביליאָן אַנטלייַען citing a “liquidity crunch due to certain illiquid assets on its balance sheet.” However, it has yet failed to secure bailout investments.

Some investors have been hesitant due to the “interconnectedness between the entities,” according to the report.

Genesis remains teetering on the verge of bankruptcy. A Chapter 11 may be inevitable if investments fail to materialize. The most recent firm to file for bankruptcy was BlockFi on Nov. 27, ווי געמאלדן דורך BeInCrypto.

קריפּטאָ מאַרקעט דערהייַנטיקן

Crypto markets have settled somewhat since the FTX collapse-induced capitulation. Total capitalization is up 3.6% on the day at almost $890 billion, according to CoinGecko.

Nevertheless, markets are still in deep bear territory. However, they have consolidated some since the Nov. 10 slump.

ביטקאָין has made 3.7% as it reapproaches $17,000, and עטהערעום is up 7.1% at $1,269 at the time of press.

אָפּלייקענונג

אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.