Genesis Global Capital, the crypto lender that halted customer withdrawals in the aftermath of FTX’s failure, is laying the groundwork for a bankruptcy filing, Bloomberg reported.
The Block said Genesis is in talks with creditors about a prepackaged bankruptcy plan, which would mean the two sides are hammering out some kind of an agreement that would be made final in bankruptcy court, citing sources close to the matter.
Genesis has the same parent company as CoinDesk, Digital Currency Group.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.