The New York Times reported on Tuesday that troubled cryptocurrency lender Genesis Global Capital has hired investment bank Moelis & Company to investigate options including bankruptcy, citing three people familiar with the matter. The company has not yet made a final decision on bankruptcy, and it is still possible that it can be avoided, according to the NYT. Earlier this month, crypto exchange FTX filed for bankruptcy in the United States, in the most high-profile crypto meltdown to date, after traders withdrew billions from the platform in three days and rival exchange Binance abandoned a rescue deal The collapse of FTX has raised concerns about a spillover effect on other firms already dealing with a sluggish crypto market this year.
