According to a Monday report from Bloomberg, Genesis has been facing a liquidity crunch as users spooked by the collapse of FTX began rapidly withdrawing their assets. Unnamed sources told the outlet that executives at Genesis have spent the past several days asking investors for $1 billion in fresh capital, which has not yet materialized.

“We have no plans to file bankruptcy imminently,” a spokesperson for Genesis told Bloomberg. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.” …

FTX, which had been controlled by 30-year-old multibillionaire Sam Bankman-Fried, filed for bankruptcy after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using funds from FTX to make investments. Binance initially made an offer to bail out the company but withdrew the proposal, leading to the venture’s collapse and the resignation of Bankman-Fried.

Leaders at Genesis have also been in talks to receive an investment from Binance, which is led by chief executive Changpeng Zhao. No such deal has yet been made, according to Bloomberg.