The Danger of a new big “bang” in crypto

Genesis laid off 30% of its staff. It is considering a request for protection from creditors.

Cryptocurrency lending platform Genesis is considering filing for Article 11 of the US Bankruptcy Code, according to a Wall Street Journal article.

- Advertisement -

The US newspaper said Genesis is working with investment bank Moelis to review the available options.

According to the WSJ, Genesis also laid off 30% of its staff in a second round of job cuts in less than six months.

“As we continue to face unprecedented industry challenges, Genesis has made the difficult decision to reduce our global headcount. These actions are part of our ongoing efforts to move our business forward,” a Genesis spokesperson said, while the WSJ report stating that the company is even considering bankruptcy.

It was noted that Genesis had laid off 20% of its staff in August.

The company’s lending arm, Genesis Global Capital, froze withdrawals of funds from clients on November 16, citing unprecedented turmoil in the cryptocurrency market after the collapse of FTX, the exchange of fraud accused Sam Bankman-Freed.

Previous Articles:

- Advertisement -

Latest News

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Nasdaq Integrates Canton Blockchain for 24/7 Collateral Management

Nasdaq has integrated blockchain technology from the Canton Network into its Calypso platform to...

Pepe Meme Coin Drops 4.7% as Investor Interest Fades Further

Pepe meme coin dropped 4.7% in value over the past 24 hours, trading at...

WhatsApp Rolls Out AI Message Summaries with Advanced Privacy

WhatsApp introduces an AI-driven feature to summarize unread messages for users. The feature, called Message...

Opyl Turns to Bitcoin Treasury as Cash Crisis Deepens

Opyl Limited, an Australian biotech company, bought around 2 Bitcoin as part of a...

Must Read

The 10 Best Crypto Podcasts You Can’t Miss

Table of ContentsBest Cryptocurrency Podcasts To Add To Your Playing List1. The Money Movement2. The Crypto Conversation3. The Pomp Podcast4. What Bitcoin Did5. The...