Post
Topic
Board Service Discussion
Merits 2 from 2 users
Re: Genesis allegedlly prepares for Chapter 11 bankruptcy
by
o_e_l_e_o
on 19/01/2023, 09:56:51 UTC
⭐ Merited by Rikafip (1) ,ETFbitcoin (1)
I mean, they tweeted months ago that they had lost significant amounts of money to FTX:

As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.

And then a week later, they suspended all loan activities:
Our #1 priority is to serve our clients and preserve their assets. Therefore, in consultation with our professional financial advisors and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business.

If those weren't enough red flags to make you withdraw all your money and you've now lost coins due to this bankruptcy filing, then I don't really know what to tell you. I have a bridge to sell you?

Also note that CoinDesk, another subsidiary of DCG, is also being put up for sale. Maybe this might wake up some of the people who bleat on about Coinbase or Binance being safe because they are large exchanges. Well, DCG is huge, and currently two of its subsidiaries are on the brink of collapse.