Genesis Global Capital is preparing to file for bankruptcy as soon as this week, according to people familiar with the matter. The cryptocurrency lending arm of Digital Currency Group has been in confidential talks with various creditor groups. The talks are ongoing and plans could change, the people said.

Creditors, Genesis and DCG have exchanged several proposals but have so far been unable to reach a deal, people familiar with the matter said. Kirkland & Ellis and Proskauer Rose have been advising the creditor group. DCG told shareholders it was suspending its quarterly dividend to conserve cash, according to a Jan. 17 letter to shareholders. (Bloomberg)