### Media reports say that Genesis is filing for bankruptcy if it does not get a fresh infusion of capital. However, the company says it has "no plans to file bankruptcy imminently."

Just days after it suspended withdrawals at the heels of crypto exchange FTX’s collapse, Genesis Global Trading said that declaring bankruptcy is not part of its immediate plans.

A spokesperson for the cryptocurrency lender said in an email to Reuters, “we have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing." 

News reports, however, paint a bleaker picture. Bloomberg News says that sources indicate that Genesis warned investors it may need to file for bankruptcy if it cannot find fresh capital.

On Thursday, the Wall Street Journal (WSJ) reported that Genesis asked for an emergency loan of $1 billion from investors before it suspended withdrawals.

Also according to WSJ, Genesis reached out to Binance for an investment. However, it was rejected due to a potential conflict of interest. The report also mentioned that Genesis approached Apollo Global Management, a private equity firm, as a potential investor.

Media reports say that Genesis is filing for bankruptcy if it does not get a fresh infusion of capital. However, the company says it has "no plans to file bankruptcy imminently."

Tue Nov 22 2022

Genesis Says It Has No "Immediate" Plans to File for Bankruptcy; Company is Looking For at Least $1 Billion

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Tue Nov 22 2022 Genesis Says It Has No "Immediate" Plans to File for Bankruptcy; Company is Looking For at Least $1 Billion

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Prototype Global Cryptoasset Mapping System Developed

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Tue Nov 22 2022

Genesis Says It Has No "Immediate" Plans to File for Bankruptcy; Company is Looking For at Least $1 Billion