The crypto sector has seen a string of bankruptcies over the past few months
, the largest cryptocurrency, is trading in the read as the crypto sector is facing yet another high-profile bankruptcy.
Amid mounting pressure and against the backdrop of prolonged confidential negotiations with creditors, cryptocurrency lending giant Genesis Global Capital is reportedly prepping for a potential bankruptcy filing, according to aAccording to sources familiar with the matter, the subsidiary of Barry Silbert’s Digital Currency Group has informed creditor groups that it needs to raise cash urgently in order to avoid such a scenario.
Talks between DCG and creditors have yielded no substantial progress yet. It is understood that leading Wall Street law firms such as Kirkland & Ellis and Proskauer Rose are currently consulting the creditors. Representatives at both DCG and Genesis Global Capital do not respond to comment requests.
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