According to the news in domestic sources, regulatory agencies in many states of the United States of America, which are claimed to go bankrupt in recent days. Genesis launched an investigation.
Allegedly, US financial institutions are investigating Genesis’ connection with investors and whether the company violated securities laws. Alabama is one of the states that started an investigation into Genesis. The Alabama Securities Commission refused to make a statement after the news, which received wide coverage in the crypto media.
of the Digital Currency Group (DCG) Genesis, the lending company, announced that it was suspending new loan transactions after the panic that began with the bankruptcy of the FTX exchange. The company also emphasized that savers should not deposit money on the platform.
After rumors surfaced earlier this week that Genesis will file for bankruptcy protection, CEO Barry Silbert denied the allegations, saying the company would emerge much stronger. According to the New York Times, Genesis is in talks with various investment banks to resolve its financial problems.
Grayscale, the largest exchange-traded Bitcoin mutual fund, continues to trade at much cheaper than the spot Bitcoin price in the shadow of Genesis’ bankruptcy concerns.
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