{"id":70300,"date":"2022-11-18T17:16:56","date_gmt":"2022-11-18T15:16:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70300"},"modified":"2025-09-08T01:14:02","modified_gmt":"2025-09-07T22:14:02","slug":"genesis-global-capital-sought-emergency-financing-of-1-billion-reports-say","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/genesis-global-capital-sought-emergency-financing-of-1-billion-reports-say\/","title":{"rendered":"Genesis Global Capital sought emergency financing of $1 billion, reports say"},"content":{"rendered":"

The OTC platform Genesis Global Capital requested access to a $1 billion credit line by the morning of November 14, citing liquidity shortages. About this, The Wall Street Journal<\/a> reports, citing informed sources.<\/p>\n

The request was filed before the suspension of crypto-lending operations<\/a> afterthe collapse of FTX<\/a>.<\/p>\n

The firm failed to secure financing.<\/p>\n

\n

“Deposits continue to be withdrawn largely through Genesis’s retail programs and partners (for example, Gemini Earn), as well as institutional clients,” according to the document.<\/p>\n<\/blockquote>\n

In July it emerged that the hedge fund Three Arrows Capital owed Genesis Global Capital $2.36 billion<\/a>. Support for the latter was provided by its parent company Digital Currency Group, which undertook certain obligations.<\/p>\n

In August, Genesis Global Capital chief Michael Moro left the company<\/a> after seven years, including six as CEO. Together with him, one-fifth of the platform’s staff were laid off.<\/p>\n

Recently, Nansen analysts discovered<\/a> Alameda Research raised $1.6 billion in September 2021 from Genesis Global Capital backed by FTX. The decline in the value of the latter led to the insolvency of Sam Bankman-Fried’s firms.<\/p>\n

Earlier, Multicoin Capital predicted<\/a> the emergence of new casualties as a result of the FTX collapse.<\/p>\n

Read ForkLog’s bitcoin news on our Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The OTC platform Genesis Global Capital requested access to a $1 billion credit line by the morning of November 14, citing liquidity shortages. The Wall Street Journal reports, citing informed sources.<\/p>\n","protected":false},"author":1,"featured_media":70301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,2315],"class_list":["post-70300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-genesis-trading"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70300"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70300\/revisions"}],"predecessor-version":[{"id":70302,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70300\/revisions\/70302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70301"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}