Sexyxbit refused to save genesis global capital

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Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

Bitcoin exchange Sexyxbit 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 Sexyxbit 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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Anthony Cuthbertson

Anthony is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.