December 9, 2022

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Genesis Bankruptcy Warning Weighs on Crypto Markets

2 min read

(Bloomberg) — Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire.

Most Read from Bloomberg

Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX.

The fall of Bankman-Fried’s businesses, including trading desk Alameda Research, is contributing to reduced liquidity in crypto markets.

Concerns about Genesis and other ailing crypto outfits, such as BlockFi Inc., are unnerving investors. A selloff in Bitcoin paused Tuesday but the token remains around the lowest level since November 2020.

Key stories and developments:

  • Crypto Firm Genesis Said to Warn of Bankruptcy Without New Funds

  • Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX

  • US Prosecutors Opened Probe of FTX Months Before Its Collapse

  • Tom Brady, Steph Curry Draw Texas’ Scrutiny Over FTX Plugs

(Time references are New York unless otherwise stated.)

FTX Group Bankruptcy Filing Shows Cash Balance of $1.24 Billion (1:30 p.m. HK)

An FTX Group bankruptcy filing showed that the fallen cryptocurrency exchange and a number of affiliates had a combined cash balance of $1.24 billion.

The latest tally as of Nov. 20 “identifies substantially higher cash balances than the debtors were in a position to substantiate as of Wednesday, Nov. 16,” according to the filing.

Bahamas Agrees to Let Delaware Judge Handle Part of FTX Meltdown (8 a.m. HK)

Bahamas court officials dropped their opposition to moving one piece of FTX’s restructuring case to a US court in Delaware, according to a court filing.

Liquidators appointed in the Bahamas for one FTX affiliate agreed to move a case they filed in New York to Delaware, where more than 100 units are under the oversight of a federal judge, FTX lawyers said in papers filed in US Bankruptcy Court in Wilmington,…



2022-11-22 00:38:44

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