Hello guys, the happy moments of crypto uprising has taken a sudden break with hitting of the latest news that the part of Genesis firm, the lending unit has files for bankruptcy on Thursday like the paths of FTX which did not end well to the crypto world.
According to the source article, Genesis Global Capital has halted the withdrawal of customer funds due to the fear spread among the customers with FTX news. In the filing the Genesis unit listed out their assets and liabilities some where between $1 Billion to $10 Billion and to provide security from the customers.
Genesis Parent Group Genesis Global Hold & Co. and Genesis Asia Pacific two files for bankruptcy protection. In their official Twitter feed they tweeted that only lending unit of the Genesis is filing for bankruptcy. The spot trading, exchange and custody business were not part of it.
This fall news may hit the crypto market to down or not? We will see. What are your opinions on this Genesis filing bankruptcy?, share it in the comment section