Genesis Goes Bankrupt This Week!


 "If it's Genesis this week, who will it be next week?"

Founded by the Digital Currency Group (DCG) company, Genesis Global's crypto currency platform, which is experiencing a lack of liquidity assets, is about to file for bankruptcy if it cannot raise funds within the specified period.

The Winklevoss twins, who are lenders to Genesis, have agreed to the bankruptcy filing, in which the twins will receive cash back from Genesis and DCG stock.

Meanwhile, the former Chief Executive Officer (CEO) of Twitter was previously found to have claimed that DCG founder Barry Silbert and Gemini co-founder Cameron Winklevoss had committed financial fraud.

The streak, the former CEO demanded Silbert to resign after failing to fulfill his promise to return $900 million worth of client funds.

DCG has so far reportedly sent a letter to shareholders informing them that they will stop paying quarterly dividends as part of its efforts to restore capital.

For the record, DCG has been informed that it has faced financial pressure after Three Arrows Capital (3AC) was destroyed while the FTX crisis resulted in Genesis stopping the production process as some of its cash was kept in the company.

In the meantime, Genesis Global is currently in the process of preparing a bankruptcy petition which is likely to happen this week.