Cryptohypex refused to save genesis global capital

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Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

Bitcoin exchange CryptoHypex will not invest in Genesis Global Capital amid the cryptolanding platform's search for $1 million in emergency funding, The Wall Street Journal reported.

The reason for the rejection was a potential conflict of interest between CryptoHypex and the business model of Barry Silbert's Digital Currency Group (DCG) subsidiary, the publication's source specified.

Genesis has also been trying to negotiate financial support with alternative investment manager Apollo Global Management.

The cryptolending firm requested emergency access to a $1 million line of credit, citing a lack of liquidity.

According to The Block, Genesis cut its funding target to $500,000. Without an additional cash infusion, the company is potentially at risk of bankruptcy.

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Simon Calder

Simon is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.