{"id":1817535,"date":"2023-01-20T14:19:54","date_gmt":"2023-01-20T19:19:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1817535"},"modified":"2023-01-20T14:21:46","modified_gmt":"2023-01-20T19:21:46","slug":"another-cryptocurrency-firm-goes-bankrupt-as-ftx-fallout-continues","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/another-cryptocurrency-firm-goes-bankrupt-as-ftx-fallout-continues\/","title":{"rendered":"Another Cryptocurrency Firm Goes Bankrupt As FTX Fallout Continues"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanother-cryptocurrency-firm-goes-bankrupt-as-ftx-fallout-continues%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1817535&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Genesis Global Holdco filed for bankruptcy in bankruptcy court several weeks after another company. <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> FTX sudden implosion<\/p>\n<p>The bankruptcy petitions were filed by the United States Bankruptcy Court, Southern District of New York, for the company and its two subsidiaries, Genesis Global Capital Capital and Genesis Asia Pacific. Genesis Global Trading and the other subsidiaries will continue to operate.<\/p>\n<p>\u201cWhile we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,\u201d Derar Islim, Genesis Interim CEO, made the following comment in a <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230119005955\/en\/Genesis-Initiates-Process-to-Achieve-Global-Resolution-to-Maximize-Value-for-All-Clients-and-Stakeholders-and-Strengthen-Its-Business-for-the-Future\" target=\"_blank\" rel=\"noopener\">press release<\/a>.<\/p>\n<p>The company may be in the process of restructuring, which could include a capital raising or another transaction that could enable the business&#8217;s emergence under new management. \u201cWe have crafted a deliberate process and roadmap through which we believe we can reach the best solution for clients and other stakeholders,\u201d Paul Aronzon, an independent director at Genesis, was also added.<\/p>\n<p>Digital Currency Group is the owner of the company. It also invests in Coinbase and a number of other cryptocurrency companies. Genesis had <a href=\"https:\/\/www.dailywire.com\/news\/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt\" target=\"_blank\" rel=\"noopener\">ceased withdrawals<\/a> New loan originations and new loans were initiated two months ago. Company leadership was reportedly in talks with Binance to invest.<\/p>\n<p>Reports revealed that Sam Bankman Fried, ex-CEO of FTX had commingled money between Alameda Research and its sister trading platform Alameda Research. BlockFi, a lending platform, <a href=\"https:\/\/www.dailywire.com\/news\/crypto-company-blockfi-files-for-bankruptcy-after-ftx-collapse\" target=\"_blank\" rel=\"noopener\">filed for bankruptcy<\/a> FTX declared bankruptcy just days after the insolvency, but Voyager &#038; Celsius had filed for bankruptcy months prior to that as the sector was still young and experienced a bearish market.<\/p>\n<p>60% of Americans view cryptocurrency investments now as a potential risk. \u201chigh,\u201d According to a <a href=\"https:\/\/www.dailywire.com\/news\/investors-much-more-skeptical-of-crypto-after-brutal-bear-market-ftx-collapse\" target=\"_blank\" rel=\"noopener\">survey<\/a> CNBC and Momentive conducted the survey. CNBC and Momentive. 26% of respondents consider cryptocurrencies moderately risky. Only 10% believe cryptocurrencies are safe. \u201clittle\u201d No risk.<\/p>\n<p>Bankman-Fried was convicted <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-pleads-not-guilty-allowed-to-conceal-who-is-securing-his-250-million-bond\" target=\"_blank\" rel=\"noopener\">not guilty<\/a> This month, eight charges were filed against Mark Cohen. These include conspiracy and securities fraud conspiracy, conspiracy to commit wire fraud and conspiracy defrauding the Federal Election Commission by campaign finance violations. Mark Cohen is a Bankman-Fried attorney who was previously <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-hires-attorney-who-defended-epstein-confidant-ghislaine-maxwell\" target=\"_blank\" rel=\"noopener\">defended<\/a> Ghislaine Minwell, a Jeffrey Epstein confidant, requested that U.S. district Judge Lewis Kaplan allow the sealing of names and addresses of two individuals who had secured a $250 Million bond for Bankman-Fried.<\/p>\n<p>Coinbase last week announced plans to expand its business. <a href=\"https:\/\/www.dailywire.com\/news\/major-crypto-platform-cuts-headcount-20-for-the-second-time-in-seven-months\" target=\"_blank\" rel=\"noopener\">dismiss<\/a> Around 20% of workers were affected for the second time within seven months. Brian Armstrong, Coinbase CEO, said in a <a href=\"https:\/\/www.coinbase.com\/blog\/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees?clickId=1pVR-3RzfxyNUCESf4yMnTk6UkAwXNTRo0732g0&#038;utm_source=impact&#038;utm_medium=growthp&#038;utm_campaign=rt_p_m_w_d_acq_imp_gro_aff_Skimbit%20Ltd.&#038;utm_content=552039&#038;utm_creative=Online%20Tracking%20Link&#038;irgwc=1\" target=\"_blank\" rel=\"noopener\">message<\/a> To employees that \u201cunscrupulous actors in the industry\u201d There is also the possibility of \u201cfurther contagion\u201d The company faces immediate difficulties. He said, however, that the failure of a \u201clarge competitor\u201d The increased \u201cregulatory clarity\u201d The long-term positive effects of the collapse of FTX will be good for his company.<\/p>\n<p>In fact, lawmakers have called for more scrutiny of the cryptocurrency industry after the bankruptcy filings of FTX. Senators <a href=\"https:\/\/www.dailywire.com\/news\/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times\" target=\"_blank\" rel=\"noopener\">considered<\/a> Various proposals to increase regulation of digital asset markets were made by Rostin Behnam (Commodity Futures Trading Commission Chairman), while House of Representatives members are also involved. <a href=\"https:\/\/www.dailywire.com\/news\/attorney-overseeing-ftx-bankruptcy-testifies-before-congress-grossly-inexperienced-people-ran-company-went-on-5-billion-spending-binge\" target=\"_blank\" rel=\"noopener\">discussed<\/a> John Ray III, attorney representing FTX in bankruptcy proceedings<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genesis Global Holdco officially filed for bankruptcy several weeks after fellow cryptocurrency exchange FTX suddenly imploded. The company and two subsidiaries, Genesis Global Capital and Genesis Asia Pacific, submitted bankruptcy petitions with the United States Bankruptcy Court for the Southern District of New York. Genesis Global Trading and other subsidiaries will continue operations. \u201cWhile we &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1747436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[15816,7046,12577,6202,14552,5246,7334,6195],"class_list":["post-1817535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-bankrupt","tag-continues","tag-cryptocurrency","tag-daily","tag-fallout","tag-firm","tag-ftx","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1817535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1817535"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1817535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1747436"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1817535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1817535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1817535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}