Crypto lender Genesis is reportedly preparing to file for bankruptcy as soon as this week
emerging from the collapse of Sam Bankman-Fried's crypto exchange FTX and defunct cryptocurrency hedge fund Three Arrows Capital. The FT had previously reported DCG may sell assets in its venture portfolio to raise funds.
Genesis in November halted redemptions in the wake of FTX's implosion and warned at the time that bankruptcy was possible unless it could find fresh capital. The turmoil at Genesis has spilled over to its lending partner Gemini, a cryptocurrency platform run by Cameron and Tyler Winklevoss. also had to halt withdrawals for its interest-bearing Earn program, as more than $900 million of customer funds remain on Genesis. Gemini's Earn program let users earn a yield for lending their coins through Genesis.to conserve cash, as Genesis tries to avoid bankruptcy. , DCG said it is"strengthening our balance sheet by reducing operating expenses and preserving liquidity."
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