Possible Genesis(Crypto Lending Platform) Bankruptcy Due To FTX Collapse

Remember genesis the crypto lending protocol that announced it will be pausing withdrawals few days ago because they weren’t sure they can take the heavy withdrawal request, just like we expected and just like other platforms, they are about to file for bankruptcy. The crypto lending platform which is known for had processed billions of loans in the past, is currently considering bankruptcy, all because of the FTX collapse.
source The FTX collapse has caused a lot of market downside which has inturn ruined lots of crypto companies because lots of crypto companies depended on it and invested in it. FTX is probably one of the newest crypto companies as it was launched in 2019, funny how it is to see FTX give this strategic crypto alpha impression to the world, which gave the world the confidence that they can leave their money with FTX and sam BankMan Fried.

Genesis crypto lending platform has been in the crypto space far more than FTX, they have been operating as far back as 2013, that is 6 years before FTX, but FTX was too good at playing the great crypto messiah it hard over 10 crypto companies depending on it for liquidity. Turns the man was just a better actor at deceiving people that he got everything figured out. Now we are about to see genesis crypto lending platform a big once big player in the crypto space about to go bankrupt.

Like it was predicted, more crypto companies are expected to follow the trend, as the FTX collapse must have affected directly or indirectly. Its either they invested in FTX directly or the market volatility and its unpredictable feature is making it hard for the companies to keep going. Gemini crypto exchange, also announced it will be stopping their earn programs. Is that another possible sign of bankruptcy? Genesis talked about trying to raise funds to help stabilise the situation but unfortunately, they were unfortunately unsuccessful about it, so filing for bankruptcy is the next solution.

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