The next company in the industry is under intense scrutiny in the US. Cryptobank Genesis is under investigation in several states of the country.
This is about Genesis Global Capital. Supervisors and regulators take action after a fall ftx. The question is what researchers can do, or what they will find.
Genesis Capital is a subsidiary of Digital Karani Group. It is also related to Genesis Trading. The company offers companies to borrow large sums of money (Bitcoin). And therein lies the problem. After the turbulent market in 2022, more and more stories emerged about companies following reckless policies.
According to Baron’s The Genesis investigation comes from Alabama. The chairman of the State Securities Commission notes that several states are involved, but he does not name them. Joseph Borg examines the interactions between various entities in the cryptocurrency world.
And there are many more. Digital Currency Group has its fingers in several companies. Additionally, numerous (credit) lines operate throughout the industry.
Industry suffers from FTX
Since 2019, FTX has rapidly grown to become one of the most popular brands in the cryptocurrency world. The rapid rise of director Sam Bankman-Fried and Associates resulted in a huge influx of investors and clients.
However, this time, billions have been lost, Bankman-Fried is no longer a director, and customers can no longer withdraw money from FTX.
The chaos in the market is not just the result of sentiment. There were also a series of bankruptcies in the industry earlier this year. FTX went lower partly due to uncertainty over client funds. It was very vulnerable because of the way they handled their own token. The latter
The question now is which companies will not be able to recover from the current financial crisis. Genesis Capital is on hold for now, but expect a major inquiry from the US.
Genesis Capital’s goal is clear: to survive without resorting to bankruptcy proceedings (for example, through capital injections).
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”