Despite Boasting Of Big Profits, FTX And Alameda Lost $3.7 Billion Before 2022

Nov 22,2022
KingData News: Genesis is having a hard time raising cash for its lending unit, and it is warning potential investors it could possibly file for bankruptcy if it is unable to do so, Bloomberg reported, citing people with knowledge of the matter. The firm has faced a liquidity crunch since FTX’s bankruptcy filing earlier this month and has been trying to raise at least $1 billion, including from Binance, Bloomberg said. People familiar with the situation confirmed to The Block that Genesis is struggling to raise emergency funds, noting that its fundraising target has been reduced from $1 billion to $500 million. Two sources added that Digital Currency Group is unwilling to sell parts of its venture portfolio. DCG is also not looking to sell Grayscale, a significant money-maker for the investment company. It is working with bankers from Ducerne Partners LLC.
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