Genesis warns of bankruptcy without new funding

Per Bloomberg:

Genesis, a digital asset brokerage, has been unable to raise cash over the last week and may file for bankruptcy.

Genesis has faced a liquidity issue post FTX, and is looking for 1 billion in capital. Binance had been tapped, but did not comment and did not provide funding.

“We have no plans to file bankruptcy imminently,” a representative for Genesis said in an emailed statement. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”