- Crypto broker Genesis is said to be in the final stage of its Chapter 11 paperwork
- The company, which is owned by venture capital firm Digital Currency Group, had been considering filing for some time, as it reportedly owes creditors $3bn
- Among those are customers of Cameron and Tyler Winklevoss’s Gemini
- The statuesque twins – perhaps best known for their protracted legal battle with fellow billionaire Mark Zuckerberg – recorded $900m in losses when FTX fell
- Cameron and his brother’s exchange used Genesis as its main lending partner, leaving the brothers – and millions of their customers – the red as a result
By Alex Hammer For Dailymail.Com
Published: 01:32 EST, 19 January 2023 | Updated: 02:53 EST, 19 January 2023
Popular cryptocurrency broker Genesis is expected to file for bankruptcy within days, insiders have revealed.
It would make the firm the latest crypto casualty following the spectacular downfall of Sam Bankman-Fried’s FTX, where the company held some of its funds.
To view complete article from original source: https://www.dailymail.co.uk/news/article-11652049/Crypto-exchange-Genesis-prepares-file-bankruptcy-end-week.html
24/7 MARKET NEWS, INC Disclaimer
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.
Please go to www.247marketnews.com or https://www.247marketnews.com/terms-disclaimer/ for further information.