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Genesis Creditors Hire Lawyers to Find Ways to Prevent Crypto Brokerage's Bankruptcy: Bloomberg

Genesis is in talks with creditors and potential investors, the report said.

By Greg Ahlstrand
AccessTimeIconNov 30, 2022 at 3:31 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
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Genesis Global Trading's creditors have hired restructuring lawyers to help find a way prevent the crypto brokerage from having to file for bankruptcy, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.

Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, the people said.

On Nov. 16, the lending arm of the crypto investment bank suspended redemptions and new loan originations in the wake of the FTX exchange’s collapse, Interim CEO Derar Islim told customers on a call, as CoinDesk reported at the time.

Genesis and CoinDesk share the same parent company, Digital Currency Group.

Read more: Bernstein Says Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global





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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Greg Ahlstrand
Greg Ahlstrand

Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

Follow @GregAhl on Twitter

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