Press "Enter" to skip to content

Genesis is in Trouble



With a bankruptcy looming, we unpack how business got bad for Barry

Dear Bankless Nation,

Not sure if you noticed, but November hasn’t been all that kind to the crypto industry!

The outlook this week doesn’t appear all that rosy either as people wonder if Genesis is on the verge of disaster. We’re kind of curious about that too… so let’s dig into what’s going down with Barry Silbert’s 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 crypto’s 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 “security concerns”.



Daily News PDF Archives – Jellyfish.News

Be First to Comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Breaking News: