Crypto winter hits crypto-focused media companies
Crypto winter hits even crypto-focused media companies as the crash of FTX continues a contagion which does not seem to be colling:
Crypto lender Genesis could file for bankruptcy within days, Bloomberg reports, citing anonymous sources. The move wouldn't be surprising given that Genesis froze customer redemptions in November in the wake of FTX's implosion. Genesis has been in contact with creditors, per Bloomberg, but both sides haven't been able to hammer out a deal. Genesis has also been locked in a dispute with Gemini, with the crypto exchange saying Genesis owes its clients $900 million over their partnership on the lending product Gemini Earn. Crypto-focused media firm CoinDesk has hired investment bank Lazard, likely setting the stage for a full or partial sale. Some of Canada's largest crypto firms are clashing, with CoinSmart now trying to force Coinsquare to follow through on its takeover bid.