Luno’s sister company declares bankruptcy — what it means for South Africans

📆 20/01/2023 1:12 p. m.
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Luno’s lending partner and sister company Genesis Global Capital has declared bankruptcy. What happens if Luno’s whole parent company goes under?

This is in stark contrast to Gemini, the major cryptocurrency exchange founded by Cameron and Tyler Winklevoss.

Genesis Global Capital listed the same range, $1 billion to $10 billion, for both assets and liabilities, as well as over 100,000 creditors — the top 50 unsecured claims amount to about $3.4 billion . Digital assets have shed about $2 trillion since a peak in 2021, and many crypto lenders have struggled in the selloff.

DCG, a linchpin of the crypto industry, said on 17 January that it’s suspending quarterly dividends to preserve cash.The Grayscale Bitcoin Trust, the world’s largest crypto fund, has been trading at a steep discount to the amount of cryptocurrency it holds, leading vexed shareholders to call for changes.

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