The last week has been the most dramatic one in the history of cryptocurrencies due to the collapse of FTX and the upheaval that has occurred as a result of the crash. Some people still hold the belief that CZ, the CEO of Binance, was responsible for the fall of FTX, and now there are speculations circulating that CZ is considering purchasing the loan book of Genesis.
According to recent sources, CZ is apparently considering making an offer for the loan assets held by Genesis and is in the process of gathering further information on the company’s balance sheet. Genesis includes $2.8 billion worth of active loans in its report for the third quarter of 2022.
A source indicated that an amount more than $2 billion would need to be launched, and that any effort by Binance is likely to be refused by Digital Currency Group, which is Genesis’ parent firm (DCG).
Genesis is one of the numerous businesses that are suffering as a result of the collapse of FTX. The cryptocurrency lending division of Genesis, Genesis Global Capital, has temporarily halted withdrawals, blaming the recent FTX fall as the cause of liquidity concerns.
Compiled by Coinbold