International Finance: Genesis bankruptcy warning weighs on crypto markets

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

Uncertainty around cryptocurrency market conditions in the wake of FTX’s collapse and an outage that affected Silvergate’s “wire payment network” prompted the suspension, FalconX said on Monday in a memo to clients. Since then, concerns have abated, San Francisco-based FalconX said.

Genesis, which has faced a liquidity crunch in the wake of crypto exchange FTX’s bankruptcy filing this month, has spent the past several days seeking at least $1-billion in fresh capital, the people said. That included talks over a potential investment from crypto exchange Binance, they said, but funding so far has failed to materialise.Long before FTX collapsed this month, it already was on the radar of federal prosecutors in Manhattan.

“The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems,” the senators said in a letter to Fidelity CEO Abigail Johnson.Bain & Co was among consulting firms thatconduct due diligence for Tiger Global Management’s investment in now-defunct crypto exchange FTX, according to people familiar with the matter.

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Business Maverick: Crypto markets sag as funds drained from FTX switch out of EtherCryptocurrency prices struggled on Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire. Hopefully the adverts that see encouraging small and large investors will disappear. People have lost life savings to this well presented scam.
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Business Maverick: FTX Latest: House, Senate Line Up Hearings to Investigate CrashHouse and Senate panels are planning hearings in December about bankrupt crypto exchange FTX and its former chief executive officer, Sam Bankman-Fried, amid renewed calls for Congress to strengthen regulation and oversight for the industry.
منبع: dailymaverick - 🏆 3. / 84 ادامه مطلب »