, Genesis's lending arm was forced to suspend withdrawals on Nov. 16 after allegedly failing to secure $1 billion in fresh funding.
For now, however, Genesis says that it does not plan to file bankruptcy. The firm has now lowered its bailout target to $500 million, according to The Wall Street Journal. Crypto giant Binance has reportedly passed on a potential deal out of concern that this could create a conflict of interest., Hayes said that he was ready to buy Bitcoin at $10,000 after Genesis's lending arm announced the suspension of withdrawal.
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