Second Major Cryptocurrency Exchange Could Be Poised To Go Bankrupt

Sam Bankman-Fried

At a glance

“We have no plans to file bankruptcy imminently,” a spokesperson for Genesis told Bloomberg.

“Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

FTX, which had been controlled by 30-year-old multibillionaire Sam Bankman-Fried, filed for bankruptcy after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using funds from FTX to make investments.

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