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

Greg Ahlstrand
Updated ·1 min read

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 FTX’s collapse, Interim CEO Derar Islim told customers on a call, 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