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Genesis Working With Moelis & Co. Mulling Over Chapter 11 Bankruptcy

Genesis Global Markets is working with the investment bank Moelis & Company on potential solutions to its financial woes and is considering chapter 11 bankruptcy. Earlier in the same day, the also stated it is firing 30% of its employees in the second major round of layoffs within a year.

On November 22nd, 2022, Genesis revealed it had hired the investment bank Moelis & Company to help with its restructuring process. At the time, the CEO of the Digital Currency Group—the firm that owns Genesis Global Markets—sent a reassuring letter to shareholders predicting $800 million in revenue for his company in 2022, though it was also revealed that Genesis is not out of danger of bankruptcy.

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