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Genesis Says It Has No Immediate Plans To Declare Bankruptcy, Seeks Consensual Resolution

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Genesis, a digital asset financial services company, has denied that it is on the verge of declaring bankruptcy, just days after halting withdrawals in response to the collapse of crypto exchange FTX.

On Monday (November 21), the cryptocurrency lender stated that it has “no plans” to file for bankruptcy in the near future and will seek a “consensual” resolution to the situation.

In an emailed statement to Reuters, a Genesis spokesperson said, “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing.”

(By Dhirendra Kumar)

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