Crypto exchange and lender Genesis files for bankruptcy... | |
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Anonymous Coward User ID: 84935544 Canada 01/21/2023 02:08 AM Report Abusive Post Report Copyright Violation | Another one drops.. Quoting: Waffles ™ Embattled crypto lender Genesis announced that it had filed for bankruptcy late Thursday, the latest firm to be taken amid a widespread rout among crypto companies driven by plunging prices and charges of fraud at major players like FTX. Genesis, which froze customer withdrawals in November following the collapse of FTX, filed for Chapter 11 bankruptcy protection in federal court in Manhattan for its lending units, saying it was the best way for it to achieve “an optimal outcome for Genesis clients.” “While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” said Derar Islim, Genesis’ interim chief executive, in a statement on the company’s website. According to its bankruptcy filing, Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion and had over 100,000 creditors. The firm said it had about $150 million in cash on hand to support its operations during restructuring. Among those creditors is Gemini, the crypto exchange founded by twin brothers Cameron and Tyler Winklevoss in 2014, that had $900 million of its customers’ money tied up with Genesis. Genesis was the main partner of Gemini’s “earn” program, in which its retail investors received payments for allowing their crypto assets to be loaned out to others. Less then 50% fair use act [link to www.marketwatch.com (secure)] People are slowly learning (mostly because they are slow learners) that when you send your crypto into these places that it doesn't all stay there. |
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Daniel's Window
If You're Empty They Have Nothin To Eat User ID: 80105356 United States 01/21/2023 02:12 AM Report Abusive Post Report Copyright Violation | |
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pish
Turtle Hermit User ID: 80956893 United States 01/21/2023 02:30 AM Report Abusive Post Report Copyright Violation | Anyone feeling the burn? LOL. 2018...Went Legit. Converted Crypto to cash. Paid Taxes. Felt vulnerable but still hold OG investments. 99% would care less. Still have 3 BTC. Have over a mill in retirement, 300k in cash bank, a house I own outright (400k) and rental prop...(as future) feeling pretty good right now, working a full time job, and pulling in bennies... For the Millennials... Worked 40hrs+36hrs 6 days a week for over 5 yrs...split half into investments/crypto..bought a house outright, bought another to rent... Dont be envious if you didn't put in the time/effort. Always remember these words: Work hard, study well, and eat and sleep plenty! That is the Turtle Hermit way! We must master the art of peace in addition to the art of war! |
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Anonymous Coward User ID: 85031258 United States 01/21/2023 03:54 AM Report Abusive Post Report Copyright Violation | Bitcoin is digital Gold Quoting: Anonymous Coward 80406355 Imagine owning actual gold or silver oz coins Barbourous relic Ai and zero trust won’t only replace corporations. It will replace corporations and bureaucrats and bureaucracy. We don’t need corrupt people running our lives when we can run it ourselves and cut the middleman out. I spend money, I got a product. No one needs to pay a bureaucratic corporation designed to siphon as much money as it can to do that. We don’t need MasterCard or visa sucking up 6%. |
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We've only just begun! User ID: 80691763 Greece 01/21/2023 04:43 AM Report Abusive Post Report Copyright Violation | Bitcoin is digital Gold Quoting: Anonymous Coward 80406355 Imagine owning actual gold or silver oz coins Barbourous relic coinbits are digital NOTHING and are about to go the way of the DODO bird. Why would you think that? TRILLIONS of dollars are starting to pour into the crypto space, from BIG INSTITUTIONS. Like Fidelity, Blackrock, Bank of NY Mellon, VISA and Mastercard. Retail is mostly over as a driver of crypto. The serious action has only just begun. . |
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Anonymous Coward User ID: 83467515 Argentina 01/21/2023 05:51 AM Report Abusive Post Report Copyright Violation | Barrack Obama Must Dead, The Rest Of Related People Must Gone The crime of Barrack Obama and his team, his related people/beings are too much. They don't want world peace, they only care about the "illusion super power". They did everything they can including black magic, mind manipulation, etc. in order to prevent the Messiah to find out the solution or connect with the rest of the society. All what they did is deceiving, lying, cheating the rest of the society. They are not deserve to to live anymore. I as the Messiah don't want to see them anymore. If Abe Shinzo was dead so must be Barrack Obama ! All the democrat better disband as well ! All the world military better round up and arrest all of them. I am not going to unlock the 7th seal and reveal solution for the new era unless my request and demand is met ! Best Regard, The Messiah |
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Anonymous Coward User ID: 85025035 01/21/2023 06:52 AM Report Abusive Post Report Copyright Violation | The thing is… people can still trade crypto without an exchange. You just need to keep good records of every transaction yourself in case you get audited. Almost any transaction (besides moving crypto from one wallet to another that you own) is a taxable event. |
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