Cryptocurrency loaning firm Genesis Global Capital, a subsidiary of crypto corporation Digital Currency Group, is reportedly preparing to file for bankruptcy as early as this week.According to a Jan. 18

Bloomberg report, Genesis previously stated it was considering an insolvency filing if it were unable to raise money amid a liquidity crunch– a situation comparable to that preceding crypto exchange FTX’s Chapter 11 filing in November. Pointing out people with understanding of the situation, Bloomberg reported Genesis might declare personal bankruptcy as quickly as this week.The report followed the United States Securities and Exchange Commission announcing on Jan. 12 that it had actually charged Genesis and crypto exchange Gemini with using unregistered securities through Gemini’s “Earn”program. The firm likewise reported it had approximately$175 million worth of funds on FTX prior to the exchange’s bankruptcy in November.This story is establishing and will be updated.