Another Crypto collapse just occurred
Dominoes continue to fall one harder than the last one
It’s fascinating how connected everything in Crypto is.
An event occurring almost 8 months ago has caused a chain of events that has just claimed another victim, Genesis trading.
Chances are you’re not familiar with the name, but we’re talking about a company that has been revealed to have $5 billion in liabilities.
That’s almost as much as FTX, and we all know how big that was.
Bottom line, this is no ordinary victim, especially if you consider that this collapse has the potential to destroy one of the crown jewels of Crypto.
Therefore, this could just simply be the tip of an iceberg much, much scarier than we initially claimed it to be.
But that’s not all, as this demise is also extremely controversial, as it has caused an all-out war between Crypto tycoons that includes a multi-billion fraud accusation.
Is Crypto’s Titanic meeting its iceberg moment?
A sad story of potential fraud and poor risk management
Last week, Genesis trading filed for Chapter 11 bankruptcy, unable to withstand the huge hole in the balance sheet…
