Crypto Brokerage Genesis Is Said to Warn of Bankruptcy Without Funding

finance.yahoo.com

15 pointspseudolus4 comments

Maybe I'm crazy, but I kind of hope all of these crypto scammers/swindlers go down and from the ashes Satoshi rises again, as if he knew the swindlers were coming ever since Wikileaks adopted crypto and he left.

Based on the news I've heard so far, this affects their EARN program and not the general exchange.

You are confusing Gemini Exchange with Genesis. Gemini Exchange for now is fine, but their earn product which actually works with Genesis (separate entity) is where withdrawals were paused because Genesis is having a liquidity crunch as a result of the fallout of FTX.

Genesis was the middle man for majority of earn products for various other crypto companies so if it goes under, which it may, this week, the fallout will continue to increase in scale as a result.

Gemini heavily promoted that sketchy 'earn' product with incessant marketing that compared it to a savings account. It would be unjust if they walked from that with no consequences.

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