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With a bankruptcy looming, we unpack how business got bad for Barry
Dear Bankless Nation,
Not sure if you noticed, but November hasnât been all that kind to the crypto industry!
The outlook this week doesnât appear all that rosy either as people wonder if Genesis is on the verge of disaster. Weâre kind of curious about that too⊠so letâs dig into whatâs going down with Barry Silbertâs Digital Currency Group.
Et tu, Genesis?
Last week, Genesis froze its lending program.
Crypto Twitter (obviously) then began circulating rumors about impending Genesis disaster.
Not only has the solvency of Genesis, which was cryptoâs only full-service prime brokerage, been called into question, but the backing of GBTC, a Bitcoin trust product, has come under similar scrutiny, after its trustee, Grayscale, stated it would not share its proof of reserves audit, citing âsecurity concernsâ.
