Crypto Contagion Is Spreading Fast
On November 21, Genesis said it had “no plans to file for bankruptcy imminently,” but it has since appointed an external party to advise on its financial predicament. Such moves have done little to calm twitchy customers. Halting withdrawals has been the precursor to multiple previous crypto collapses this year, including at FTX and Celsius. Genesis did not respond when asked to confirm whether bankruptcy was under consideration. If Genesis were to fold, it would deliver another gut-punch to an industry already reeling from the fall of FTX, one of its most highly regarded companies....