It really isn't fake news.  It's shown how fragile these large crypto companies are that are using leverage and releasing their own tokens to pump markets and cause maximum pain to traders.  Binance may be the good guy now for ripping his playbook out of the hands of FTX, but don't make any mistake, it's the same playbook.  FTX just couldn't survive long enough to release their own stablecoin as they got a bit sloppy and full of themselves.  Binance did the same thing with BNB and BUSD though, they just have been around long enough to make a ton of cash in this game and can (hopefully) keep their bubbles floating. 

Make no mistake about it though, this is reason to panic industry wide.  As the folks with funds stuck in Gemini Earn if they should have hit the panic button as soon as the word Genesis hit the news.  This is the tip of the iceberg for the industry and there are plenty of zombie operations running right now just hoping a run on their services won't expose them.  Don't get caught on the wrong side of the fence.