Genesis obviously doesn't want to go bankrupt

Stay Tuned with MEXC Global 

Genesis stated that they are working to protect the client's assets on Wednesday (December 7, 2022). They are also attempting to increase liquidity. They project that it will take weeks to devise a plan.

Recently, the US-based Genesis bitcoin loan firm sent a message to its customers. The letter from Genesis' interim CEO, Derar Islim, claimed that the corporation will continue to put off its withdrawal for a few more weeks.

Genesis stresses its dedication to always communicating openly with its clients, nevertheless. They are currently meeting with experienced advisors and the owner of Digital Currency Group to outline their short-term objectives (DCG). In the letter, they cited the following:

“We are examining the most effective approach to safeguard clients funds, increase our liquidity, and eventually take our business forward. We are working in conjuntion with highly skilled advisers and in close coordination with our owner, DCG. We expect it to take a few more weeks than days for us to decide on a course of action.”

Genesis stresses its dedication to always communicating openly with its clients, nevertheless. They are currently meeting with experienced advisors and the owner of Digital Currency Group to outline their short-term objectives (DCG). In the letter, they cited the following:

They stated that all of the company's other divisions are running smoothly. Genesis' parent company DCG had already given it a capital infusion of $140 million. However, it was insufficient to address the company's liquidity problems. In reality, the company stopped the client's withdrawal request on November 16 and then requested $1 billion in emergency liquidity.

They are currently on the verge of going bankrupt since they are unable to secure finance from outside sources. Genesis allegedly owes Gemini Earn, a platform for cryptocurrencies loans, $900 million.

Final Reflections

Genesis, Voyager, Celsius, and BlockFi all experienced severe FTX problems. They have each lost hundreds of millions of dollars as a result of the crash. The cause of the collapse is currently being investigated by authorities from around the world. Unfortunately, the damage cannot be reversed. They will only be meted out to those who truly deserve it. We might successfully wrap up this discussion and usher in a new era for the cryptosphere.