{"id":513784,"date":"2022-11-22T04:32:28","date_gmt":"2022-11-22T01:32:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/genesis-denies-imminent-plans-to-file-for-bankruptcy\/"},"modified":"2022-11-22T04:32:28","modified_gmt":"2022-11-22T01:32:28","slug":"genesis-denies-imminent-plans-to-file-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/genesis-denies-imminent-plans-to-file-for-bankruptcy\/","title":{"rendered":"# Genesis denies &#8216;imminent&#8217; plans to file for bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3df8bd68b61\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3df8bd68b61\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/genesis-denies-imminent-plans-to-file-for-bankruptcy\/#%E2%80%9D_Genesis_denies_%E2%80%98imminent_plans_to_file_for_bankruptcy_%E2%80%9C\" >&#8221; Genesis denies &#8216;imminent&#8217; plans to file for bankruptcy &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Genesis_denies_%E2%80%98imminent_plans_to_file_for_bankruptcy_%E2%80%9C\"><\/span>&#8221; Genesis denies &#8216;imminent&#8217; plans to file for bankruptcy &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYTIxMjYxY2MtYWQxMS00YWZhLWFlZDYtMzcwNjI4NGMyYjFkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>Cryptocurrency lending company Genesis has refuted speculation that it is planning an &#8220;imminent&#8221; bankruptcy filing should it fail to cover a $1 billion shortfall caused by the fall of crypto exchange FTX.<\/p>\n<p>The firm has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy, according to a Nov. 21 Bloomberg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-21\/crypto-firm-genesis-warns-of-possible-bankruptcy-without-funding?leadSource=uverify%20wall\">report<\/a> citing people familiar with the matter.<\/p>\n<p>A spokesperson for Genesis told Cointelegraph that there were no plans to file for bankruptcy &#8220;imminently&#8221; and that it continued to have &#8220;constructive&#8221; discussions with creditors.\u00a0<\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n<p>On Nov. 16, Genesis announced it had\u00a0temporarily suspended withdrawals citing \u201cunprecedented market turmoil\u201d after FTX&#8217;s collapse. The company previously revealed on Nov. 10 it had around $175 million worth of funds stuck in an FTX trading account.<\/p>\n<p><em><strong>Related: The FTX contagion: Which companies were affected by the FTX collapse? <\/strong><\/em><\/p>\n<p>Reports have also suggested that crypto exchange Binance had been in talks to potentially bail out the Digital Currency Group-owned lender, but sources quoted in a Nov. 21 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/crypto-lender-genesis-asks-binance-and-apollo-for-cash-11669075159\">report<\/a>\u00a0from The Wall Street Journal claimed Binance had walked away from the deal as the business could create a conflict of interest.<\/p>\n<p>Cointelegraph contacted Binance for clarification on the matter but did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely receive a response.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/genesis-denies-imminent-plans-to-file-for-bankruptcy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Genesis denies &#8216;imminent&#8217; plans to file for bankruptcy &#8220; Cryptocurrency lending company Genesis has refuted speculation that it is planning an &#8220;imminent&#8221; bankruptcy filing should it fail to cover a $1 billion shortfall caused by the fall of crypto exchange FTX. The firm has reportedly faced difficulties raising money for its lending unit and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYTIxMjYxY2MtYWQxMS00YWZhLWFlZDYtMzcwNjI4NGMyYjFkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[90192,75719,4978,117,67874],"class_list":["post-513784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-currency-group","tag-funding","tag-bankruptcy","tag-business","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513784"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513785"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}