On Thursday last week, cryptocurrency lender Genesis Global Holdco filed for bankruptcy, becoming yet another crypto firm to collapse in the aftermath of the FTX fiasco. South African crypto investors are affected by this because SA’s leading crypto exchange, Luno, was bought by the Genesis group in 2020. What exactly is going on here?
The root of the problem is simply this: if you invest in crypto, that is your money and good luck to you. The value of your investment rises and falls with the market. The question for crypto intermediaries is: how do they make money? In normal investment finance, the answer would be simple: intermediaries make money because you agree to pay them a fee for the pleasure of investing your money. If they invest it well, they get paid.
I can hear you asking, how is it humanly possible that anyone could get away with a scam so transparent? Well, like with so many scams out there, pretty easily, it turns out. The whole infrastructure rested on two things: first, when you talk about crypto, people’s eyes glaze over. It’s too complicated. And second — and this will really shock you — greed. When there is money to be made, people look the other way. Or pretend to understand. Or something.
Some very confused reporting in there: * Genesis & Gemini are not related entitities. * Luno had an earn account too which presumably also used Genesis product. Genesis and Luno are both owned by DCG. * And more...
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