Can Barry Silbert delay the inevitable?

Can Barry Silbert delay the inevitable?

However, it’s unclear how bad things will get. Genesis, according to Silbert, faces a liquidity problem but is not insolvent. The $175 million Genesis lost on an FTX trading account aside, the lending company’s real problems stem from the early days of the crypto contagion, when one of its biggest clients, the now-defunct cryptocurrency fund, coverage Three Arrows Capital (3AC), filed for bankruptcy. Genesis filed a $1.2 billion lawsuit against 3AC and may have loaned the hedge fund more than $2.36 billion, according to a court filing. You will likely recover a fraction of that in the 3AC bankruptcy proceedings.

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