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2022-11-23 Economy
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Fears of crypto contagion are growing as another company's finances wobble
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 [NPR] Fears that the collapse of FTX will lead to more destruction in the crypto industry are hitting almost every investor in the United States, from individuals to major Wall Street firms, with many wondering if another cryptocurrency trading platform called Genesis will fall next.
So far, those fears have not been realized, and a Genesis spokesman said in a statement to NPR on Tuesday that "our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing."
But Genesis has reportedly warned potential investors that it may need to file for bankruptcy if it fails to quickly raise a significant chunk of cash - $1 billion, according to Bloomberg News.
And there are other worrying signs: Gemini has suspended redemptions and stopped originating new loans.
"Crypto contagion" is a real possibility in the decentralized system of digital currencies, where there are few investor protections in place. Firms seemingly can opt out of following standard accounting procedures and controls, and companies can be tangled up with one another in unclear ways. 
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Posted by Besoeker 2022-11-23 08:03||
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Posted by Besoeker 2022-11-23 08:10||
2022-11-23 08:10||
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Posted by DarthVader 2022-11-23 08:49||
2022-11-23 08:49||
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Posted by M. Murcek 2022-11-23 10:54||
2022-11-23 10:54||
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