The post Genesis Denis Bankruptcy Rumors! Here’s The Complete Truth appeared first on Coinpedia Fintech News
With the foreboding signs of strain at Genesis Trading, a digital asset financial services company, Bitcoin stayed below $16,000 on Tuesday morning, just two days after crossing the threshold for the first time in two years.
FTX has triggered severe market volatility as Genesis Trading struggles to raise financing in its current situation of turmoil. According to a WSJ report, the crypto lender also solicited Binance and Apollo Global Management to bid on its loan portfolio.
What were the warning signs?
According to the latest proceedings, FTX filed for bankruptcy on November 10, causing crashes in the crypto world.
Gemini Earn users were alerted about withdrawal delays 5 days later.
Genesis’ decision to halt withdrawals caused a 75% jump in the market lending rate for the Genesis Dollar (GUS), which was ascribed to a selloff and suspected shorting.
In spite of this, re
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