Cryptomefix refused to save genesis global capital

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Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

Bitcoin exchange CryptoMefix 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 CryptoMefix 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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Andrew Griffin

Andrew Griffin is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Andrew previously reported for Cointelegraph and Benzinga.