According to the reports published on November 25th by Alabama state authorities, leading cryptocurrency from Genesis Global capital, which is one of the major cryptocurrency lending company along with other major cryptocurrency forms in the US will be instigated by the US state regulatory authority and security bodies.
The officials of Alabama state along with several other US state agencies have started investigative actions in concern to the violation of retail investor’s funds and investment diversion into the crypto industry.
The director of the Alabama state securities Commission Joseph Borg has recently confirmed that Alabama state along with some other states in the US will be participating in the proceedings of inquiry against the Crypto lending company Genesis and concern with the connection of Genesis company with the retail investor’s funds improper management.
source : coingape.com
The Alabama authorities in its primary investigations reviewed that Genesis company the compass financials were fabricated into the yearly documents and the company is having issues with its work structures.
Further, In the primary analysis of the authorities, it is investigated that Genesis has been able to influence some investors to invest in cryptocurrency and similar investment securities without greeting the complete registration process for all these Investments.
The investigation into Genesis company has been moved to a new chapter after the company revealed that it has its $175 million stuck into that takes platform which has been active in the bankruptcy proceedings in the US.
Genesis company further mentioned on November 16th, II that to resolve this liquidity crunch issue the platform will be temporarily suspending the withdrawal request from Genesis. Genesis company has mentioned the reason for this withdrawal suspension as the “unprecedented market turmoil” in the Crypto industry
Although Genesis company has been feeling a liquidity crunch of approximately $1 billion at this moment according to the reports of Cointelegraph. the company mentioned that they are not immediately looking for the option of bankruptcy and they will work on the resolution of this lending issue with the help of raising money from their landing units.
Officials of Genesis company mentioned that they are not having any plans at this moment to file bankruptcy proceedings and their goal is to resolve the present situation with the help of the consensus of all the investors in this manner there will not be any need for bankruptcy filings. Also, the officials of Genesis company further mentioned that they will work on constructive conversations with all the creators of the Genesis platform.
Genesis company has hired Moelis & Company, an investment bank, for exploring all the possible options in which the company will not be required to go for bankruptcy and they will work on the present situation of the company.
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