*BITCOIN SLUMPS BELOW $16,000 AS CRYPTO LENDER GENESIS FACES BANKRUPTCY RISK BTC BITCOIN $BTC
In the latest casualty of the crypto crash this year, reports said Genesis Global Trading, one of the largest institutional lenders in the space, warned that it could face a potential bankruptcy if it is unable to raise new funding. The bank is reportedly seeking new funds of up to $1 billion, but is yet to find a source.
But the firm said it has no plans to file bankruptcy “imminently.” It has reportedly approached major exchange Binance and private equity firm Apollo Global Management for funds. The report comes just a week after Genesis’ lending arm suspended withdrawals, as concerns over its exposure to FTX triggered a bank run.
Reports earlier this year showed that Genesis had several outstanding loans to Alameda Research - the crypto trading desk that was linked closely to the FTX bankruptcy. It had also reportedly lost funds through its exposure toFellow crypto lender BlockFi filed for bankruptcy earlier this month, while several other smaller players suspended withdrawals or halted certain lending and staking services, as contagion from FTX’s collapse continued to spread.
Amid severely souring sentiment towards the space, total crypto capitalization sank below $800 billion, with several altcoins seeing extended losses.
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