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Seeking Alpha 2023-01-04 20:42:04

Crypto broker Genesis needs more time to deal with financial woes, CEO says

Crypto broker Genesis needs more time to deal with financial woes, CEO says
Derar Islim, the interim CEO of troubled cryptocurrency lending business Genesis, reportedly said Wednesday the company is still working to sort out its poor financial health, including implementing cost-cutting measures. Genesis Global Capital, the lending unit of Genesis Trading, was forced to suspend customer withdrawals and new loan originations in November after the downfall of crypto exchange FTX ( FTT-USD ). "While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Islim wrote in a letter to clients, as quoted by CoinDesk. Prior to halting withdrawals, Genesis was said to have sought an emergency loan amounting to $1B from investors. It wasn't until after the withdrawal pause when Genesis Global Capital hired a restructuring advisor to explore how it can shore up its liquidity .
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