Crypto firm Genesis preparing to file for bankruptcy – Bloomberg News

Jan 18 (Reuters) – Cryptocurrency firm Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.

Creditors, Genesis and parent Digital Currency Group exchanged several proposals, but have so far failed to come to an agreement, the report said, adding that Kirkland & Ellis and Proskauer Rose have been advising the groups.

Genesis did not immediately respond to a Reuters request for comment.

The bankruptcy will be the latest in a string of failures among cryptocurrency firms amid a sector-wide rout.

Core Scientific Inc , one of the biggest publicly traded cryptocurrency mining companies in the United States, said in December, it filed for Chapter 11 bankruptcy protection. read more

Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru

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