November 22, 2022

SECONDS OUT: Second Major Cryptocurrency Exchange Could Be Poised To Go Bankrupt.

Genesis Global Trading could be poised for bankruptcy less than two weeks after fellow cryptocurrency exchange FTX suddenly imploded.

According to a Monday report from Bloomberg, Genesis has been facing a liquidity crunch as users spooked by the collapse of FTX began rapidly withdrawing their assets. Unnamed sources told the outlet that executives at Genesis have spent the past several days asking investors for $1 billion in fresh capital, which has not yet materialized.

Meanwhile, back at FTX: Sam Bankman-Fried tries to broker FTX bailout from his home in the Bahamas, despite being booted from the crypto company.

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