Crypto Lender Genesis Considers Bankruptcy, Lays Off 30% of Staff

https://www.wsj.com/articles/crypto-lender-genesis-lays-off-30-of-staff-11672939434?mod=mhp

They also own grayscale

 

It is a minor news. Btc still around 17k.

 

Crypto mkt is behaving list CDOs in late 2007 and early 2008. Someone is keeping things from falling. Wonder how long this will last. Plus Crypto has fake money aka stable coins

 

Genesis does not own Grayscale, DCG does

 

sorry I meant DCG owns both I think.

 

Will be interesting to see how all this plays out. What will happen to DCG and CEO Barry Silbert? Is he the next SBF? Why does GBTC have a 45% discount to NAV?

 

Going by historical records, Barry Silbert will be ok as long as he has never been on the front cover of Forbes.

 

• Genesis has been facing financial difficulties since the fall of FTX in Nov, resulting in the suspension of redemptions and new originations for the company.
• The crypto brokerage is in talks with creditors over a prepackaged bankruptcy plan, which includes restructuring before filing bankruptcy in the deal in court.