Genesis Trading And Grayscale To Get Insolvent After FTX ?

Published by

Sohrab Khawas

November 16, 2022

After FTX it looks like Genesis Trading, a Crypto brokerage firm is being hit with insolvency issues. Tomorrow morning a call has been scheduled with creditors where Genesis is expected to reveal its connection with Alameda Research and FTX. It is also speculated that the firm will dissolve GBTC and ETHE trust to pay their creditors.

Meanwhile, Autism Capital, a proof-of-stake infrastructure provider has claimed that it’s the Grayscale who controls GBTC and ETHE trusts not Genesis. Genesis Trading has reported that currently it has $175 million in locked funds in its FTX account. Hence, Digital Currency Group (DCG) which controls Genesis and Grayscale has given $140 million in equity to Genesis.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.