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Sunday, November 27, 2022

Genesis, another cryptocurrency exchange that could go bankrupt

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One of the options that They are considering is that the largest crypto asset broker, Binance, invest in Genesis. When FTX started having problems two weeks ago, there was also a time when Binance offered to bail it out, but within a few hours the operation failed, triggering the final crash.

Genesis has suffered heavy refunds in recent weeksafter it became known that he has $175 million locked up in an FTX trading account.

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“We have no plans to file for bankruptcy imminently,” a Genesis representative said in an emailed statement. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to hold constructive discussions with creditors.”

Other platforms are facing their own problems because many of their users are asking to withdraw the money, after the bankruptcy of FTX.

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The Genesis struggles have also affected the billionaire Winklevoss twins, Tyler and Cameron, owners of the Gemini. In response to Genesis’s suspension of withdrawals, Gemini stopped redemptions of its Earn product. That left in limbo a program that a person familiar with the matter says has $700 million of customer money tied up in it.

Source: Ambito

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