Crypto Broker Genesis Needs Weeks to Find Path for Lending Unit

Crypto broker Genesis told clients that it could take weeks, not days, for it to find a path forward for its troubled lending unit, which was hobbled by the implosion of Sam Bankman-Fried’s FTX.

“These are extraordinary times in our industry, and, while we are working urgently, this is a comprehensive process that we expect will take some time,” Derar Islim, Genesis’s interim CEO wrote in a letter seen by Bloomberg News. “We anticipate that it will take additional weeks rather than days for us to arrive at a path forward,” he said, adding that the company will ...