After the collapse of FTX and the halt of withdrawals, Genesis Global Trading has mentioned bankruptcy as a potential option.
Tether has confirmed that it has no exposure to Genesis and Gemini Earn. USDT has maintained its position in the crypto-verse.
The Crypto market is currently going through one of its worst phases. The collapse of one of the biggest crypto exchanges has impacted companies like Genesis. Crypto trading firm Genesis has a long exposure on the FTX and 3AC. Genesis has spread its contagion to its parent company, DCG and Grayscale. DCG currently owns $1.1 Bn to Genesis. Many analysts have argued that the fallout of DCG will have a worse ripple effect than FTX.
Winklevoss-run crypto operation Gemini earn has also frozen $700 million in client withdrawals as it becomes affected by the FTX disaster. But Despite various speculations, Tether has remained unaffected by the recent Genesis bankruptcy and Gemini Earn withdrawal. They have cleared their positions that they hav
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