If crypto lender Genesis can't find $1 billion soon, it may be forced into bankruptcy — becoming the latest victim of the FTX exchange's implosion earlier this month.
It's an increasingly familiar pattern that began with lenders like Voyager Digital back in July, when the $48 billion collapse of the Terra/LUNA stablecoin in May drove crypto hedge fund Three Arrows Capital into bankruptcy — revealing that it had taken out billions in loans without collateral from a large number of crypto lenders.
But more than anything, Genesis' troubles are indicative of the way the financial troubles of one company spread throughout the crypto industry.The 3AC collapse that initiated the first round of crypto lenders' troubles was a result of the Terra/LUNA stablecoin collapse. Among those hit are many customers of cryptocurrency exchange Gemini, which ran its crypto yield program, Gemini Earn, through Genesis. Crypto lenders borrow funds via yield programs which pay high returns — Gemini Earn topped out at 8%, which is fairly low — for the funds they lend out.Much like DCG has had to reassure investors that its flagship Grayscale arm, which holds about $10.
Fud
EmreXSocios Lost quite alot from the FTX downfall, but making back my losses after watching this video, sharing might help someone out
Thankss a millon
I can lend them
Rip
DYOR. Don't be like nytimes
Enough of this please
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Crypto Lender Genesis Asks Binance and Apollo for CashCryptocurrency firm Genesis is trying to raise cash, and has approached crypto exchange Binance for an investment and to bid for its loan book, according to people familiar with the matter WSJ, Two weeks from now, please do not put an opinion article saying Genesis supporters lost confidence and this could happen to Trump. Elon is watching. 🤣
Source: WSJ - 🏆 98. / 63 Read more »
Binance will not invest in crypto lender Genesis: WSJBinance will not invest in crypto lender Genesis, as there may be potential conflicts of interest, according to the Wall Street Journal. For obvious reasons… cz_binance likes dangling hope…and then rugging ig not a lehman moment, binance wont bail anyone out and will be the last cex standing
Source: TheBlock__ - 🏆 464. / 53 Read more »
Crypto lender Genesis says no plans to file bankruptcy imminentlyCryptocurrency lender Genesis said on Monday it has no plans to file for bankruptcy imminently, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. Can’t wait to visit this tweet in 2 weeks 🤞 'Crypto, Schmypto.'
Source: Reuters - 🏆 2. / 97 Read more »
Crypto lender Genesis says no immediate plans to file for bankruptcyCryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. If my wife says to me, 'I have no immediate plans to file for divorce,' I'm getting a lawyer. That’s what FTX said too! “Immediate”- back to the future
Source: Reuters - 🏆 2. / 97 Read more »
Why FTX Picked the Bahamas, and What Happens Now to the Crypto HubWatch: The Bahamas worked for years to lure crypto companies to its shores. It got FTX. Here’s how the company’s collapse could harm the country’s status as a crypto hub.
Source: WSJ - 🏆 98. / 63 Read more »
Crypto market liquidity dries up following Alameda and FTX collapseThe crypto market has seen liquidity dry up as market makers re-examine their exposure and risk tolerance. Really sucks to not have Alameda as the losing end of every trade now 😭 It was that nerdy intelligent girl that just wanted to save the world!!!! Mind the gap
Source: TheBlock__ - 🏆 464. / 53 Read more »