Genesis Going to Bankruptcy
While Bitcoin has taken the uphill and moves towards the $22,000 line, the bad news in the crypto field seems not to end.
Genesis, a crypto lending platform that belongs to Digital Currency Group, which owns more than 200 crypto companies in different verticals.
The Genesis bankruptcy is a part of a domino effect, caused from FTX while in the start of the month, it had laid off 30 % of its employees.
The domino started from Three Arrow Capital, that filed bankruptcy at June 2022. The debt from Three Arrow were around $1 billion, that boomed after the collapses of cryptocurrencies like Luna and TerraUSD.
The Genesis failure will put more pressure in the crypto exchange Gemini where more than $1 billion has been put in lendings.
We wait for what will happen……..