Genesis Hires Restructuring Adviser

Cryptocurrency lender Genesis Global Capital has hired investment bank Moelis & Company to explore options including a potential bankruptcy.

The company has not yet made a final decision on bankruptcy and there are still options how to avert it, The New York Times reported, citing three people familiar with the matter.

On Monday, Genesis had asserted it had no plans to file for bankruptcy, while it suspended customer redemptions citing the collapse of FTX.

Earlier this month, crypto exchange FTX filed for U.S. bankruptcy protection after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal.