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Genesis, a U.S. cryptocurrency trader, says it is attempting to avoid filing for bankruptcy.

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Genesis, a U.S. cryptocurrency brokerage, announced on Tuesday that it was attempting to escape bankruptcy after Bloomberg News reported on Tuesday

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that the company's creditors were banding together with restructuring attorneys to avoid bankruptcy.

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According to a report citing sources with knowledge of the matter, creditor groups are seeking advice from Proskauer Rose and Kirkland & Ellis

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 legal firms in an effort to avert a scenario resembling the swift bankruptcy of cryptocurrency exchange FTX.

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A Genesis spokeswoman stated, "Our goal is to fix the current lending business position without the necessity for any bankruptcy petition."

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Requests for comment from Proskauer and K&E representatives were not immediately fulfilled.

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"We've begun discussions with potential investors as well as our largest creditors and borrowers, including Gemini and DCG, to agree on a solution

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that strengthens our lending business' overall liquidity and addresses clients' needs," Genesis interim CEO Derar Islim told clients in a letter obtained by Reuters.

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