The debt volume of crypto broker Genesis Global Capital has recently reached $1.8 billion and will continue to grow with a high degree of probability, CoinDesk has reported.
Last December 3, the Financial Times reported the company has failed to repay US cryptocurrency exchange Gemini around $900 million as a partner in the exchange’s landing program Earn.
Gemini has added that a group of unnamed lenders has a similar total amount of claims. Law firm Proskauer Rose may soon file lawsuits against Genesis from this group of organizations.
The Wall Street Journal reported last month the platform had requested $1 billion in emergency funding, prior to the company’s suspension of operations following the collapse of FTX.
