In a letter to customers, Genesis stated that issues could take weeks to resolve.
The company has been in talks with creditors and potential investors since the collapse of the FTX stock market.
Genesis Working on Issues
Derar Islim, who is the temporary CEO of the company, said in a letter to his customers that it may take weeks instead of days for the company’s credit unit to solve the problems.
Last month, Genesis’ credit arm suspended withdrawals following the collapse of cryptocurrency exchange FTX. Since then, the company has been trying to raise capital and reach settlements with creditors.
The organization also engaged investment bank Moelis & Company to consider options, including a potential bankruptcy.
İslim emphasized that his company is determined to be “as transparent as possible” to customers and that it cooperates closely with the Digital Currency Group (DCG) with experienced consultants. The CEO also said that all other operations of the company are operational.
“As you know, the industry is going through an extraordinary process. Although we are working quickly, this is a process that we expect to take some time. At this point, we estimate it will take weeks rather than days for us to get on the right track.”
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