on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. The company is owned by venture capital firm Digital Currency Group .
Genesis Global Holdco said in a statement that it would contemplate a potential sale or a equitization transaction to pay creditors, and that it had $150 million in cash to support the restructuring. Genesis was already locked in a dispute with Gemini Trust Co, founded by the identical twin cryptocurrency pioneers Cameron and Tyler Winklevoss, former U.S. Olympic rowers. The two firms are fighting over a crypto lending product called Earn that they jointly offered.
Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets, according to its website.
Not good.
“Cryptocurrency is not merely a bad investment or speculative bubble. It’s worse than that: it’s a full-on fraud.”
withdraw bitcoin and bankrupt them all