After the FTX crash, Genesis stopped processing client withdrawals.
Genesis has $2.3 billion in debt after the collapse of Three Arrows Capital.
Because of the widespread impact of FTX’s demise, several U.S. regulatory authorities are now looking into the crypto exchange and other centralized operators. According to Barron’s, regulators in many states are now looking into Genesis Global Capital.
As per Alabama Securities Commission Director Joseph Borg, who spoke with Barron’s, “several other states” are involved in the investigation. The other territories were not specified by Borg.
Interlocking Connections
Barron’s reports that Genesis is being looked at as part of a larger inquiry into the interconnection of several cryptocurrency firms. And possible violations of state securities laws. If a major player like FTX were to fail, Borg said, “the interdependencies and interlocking connections in the crypto space” would be in danger.
After the FTX crash, Genesis stopped
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