Genesis Looks to Reconstructing Advisors to Rule Out Bankruptcy After FTX’s Implosion
November 27, 2022
Hello Bubble Riders! Here is our weekly update on crypto news
- Genesis Global Trading’s crypto lending arm has paused withdrawals and new loan originations, citing “extreme market dislocation.”
- Due to the fallout of FTX’s collapse, Genesis has hired reconstructors to help explore their options… bankruptcy is under consideration.
- It was significantly affected by FTX’s implosion, and claimed that the return of customers’ assets as its highest priority. Yet, Genesis has $2.8 billion in active loans, including $575 million to Digital Currency Group.
Overall, to survive crypto winters, and unforeseen implosions like this, it is crucial to play it smart. Applying reason to your decisions gives you a major advantage over those who don’t. As of now, we will have to wait a week or so to find out whether Genesis follows through with bankruptcy.
If you found this helpful, Subscribe to The Art of the Bubble’s free newsletter.
Join us on Discord for live chat and daily updates. Find us on Twitter too.