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Creditors, Genesis and parent Digital Currency Group exchanged several proposals, but have so far failed to come to an agreement, the report said, adding that Kirkland & Ellis and Proskauer Rose have been advising the groups.
Genesis did not immediately respond to a Reuters request for comment.
The bankruptcy will be the latest in a string of failures among cryptocurrency firms amid a sector-wide rout.
Core Scientific Inc, one of the biggest publicly traded cryptocurrency mining companies in the United States, said in December, it filed for Chapter 11 bankruptcy protection.
