Derar Islim, the interim CEO of troubled cryptocurrency lending business Genesis, reportedly said Wednesday the company is still working to sort out its poor financial health, including implementing cost-cutting measures. Genesis Global Capital, the lending unit of Genesis Trading, was forced to suspend customer withdrawals and new loan originations in November after the downfall of crypto exchange FTX ( FTT-USD ). "While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Islim wrote in a letter to clients, as quoted by CoinDesk. Prior to halting withdrawals, Genesis was said to have sought an emergency loan amounting to $1B from investors. It wasn't until after the withdrawal pause when Genesis Global Capital hired a restructuring advisor to explore how it can shore up its liquidity .
