Crypto firms acted like banks, then collapsed like dominoes
NEW YORK (AP) — Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed […]
BTC Rally Stalls Amidst Further Bankruptcy News in the Sector |
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Crypto lender Genesis has filed for bankruptcy
This did seem to be inevitable. Reporting comes via CNBC: Genesis Trading filed for bankruptcy protection after suffering crippling losses from the collapses of FTX and hedge fund Three Arrows Capital. The filing follows months of speculation over whether Genesis would enter bankruptcy protection, and just days after the Securities and Exchange Commission filed suit […]
Genesis Is Preparing to File for Bankruptcy Within Days
Troubled crypto lender Genesis Global Trading, which has halted withdrawals, is in the final stages of preparation to file a Chapter 11 bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it […]
Former FTX US head denies participation in fraud involving the company
Brett Harrison, former head of the U.S. arm of FTX, distanced himself from the crypto exchange co-founded by Sam Bankman-Fried, which filed for bankruptcy back in November. Harrison, who resigned as FTX US’s president in September, wrote about his experience with the company in a 49-part Twitter thread published Tuesday. Harrison had rarely made any […]