Genesis, one of the cryptocurrency lending companies, previously announced that the money withdrawal demands exceeded its current liquidity after the bankruptcy of FTX, and it would halt redemptions and new loan originations. It is stated in a news piece by WJS that Genesis requested an emergency loan of 1 billion USD until Monday, November 21.
Genesis has denied that it has plans to file bankruptcy, if it fails to cover a $1 billion shortfall.
In a statement, a spokesperson for Genesis told Cointelegraph:
“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
