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Crypto lender Genesis warns of bankruptcy without new funding
With the ripples of the FTX collapse still being felt, Bloomberg reported that crypto lender Genesis is warning that bankruptcy will come without new funding. This arrives after the platform stated its need for a $1 billion emergency fund by this week.
Amidst the downfall of FTX, Genesis has reportedly had a difficult time raising the funds. This reality has led many close to the situation to warn of an impending bankruptcy filing for the company.
https://watcher.guru/news/genesis-warns-bankruptcy-to-come-without-new-funding
Comments
Ok, so serious question... what are the odds that either GBTC or Coinbase comes crashing down.
I'm almost embarrassed to say I am a holder of some GBTC... I've lost most of the value in that position this year. Disaster.
I think Coinbase will hold strong but not sure about Genesis. Just my opinion from what I’ve read about - could be completely wrong, best option is to keep large holdings in a cold wallet right now while CEXs scramble to prove they actually keep customer funds safe
I think crypto winter has become crypto hell.
Coinbase falling would surprise me more, but after seeing what happened w FTX anything can happen
I propose $7 for the domain name.