cryptonews: Genesis could be on the brink of filing for bankruptcy as early as this week, according to Bloomberg. 👀
It now owes $900 million to 340,000 Gemini Earn customers, with little sign of an agreement being reached.
Reports from multiple outlets suggest that negotiations about a Chapter 11 filing are ongoing — and this could see creditors submit to a forbearance period of up to two years. CoinDesk — the news outlet that played an instrumental role in exposing Sam Bankman-Fried — has apparently lined up investment bankers to explore options.
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