Jan 11, 2023
Since the collapse of FTX, a number of other cryptocurrency trading firms now face serious problems indicative of malinvestment, bank runs, and other calamities that all point to a collapse of the global financial system - as well as its soon replacement with Central Bank Digital Currency (CBDC). A couple months back, Genesis Trading announced that it needed at least a $1 billion cash infusion to avoid bankruptcy - this after it was determined that the company had $175 million tied up in an FTX trading account. Parent company DCG initially gave Genesis $140 million while talks surfaced of a possible investment from crypto exchange Binance - though nothing ever materialized on that front. Meanwhile, Genesis Global Capital in November froze customer withdrawals citing "unprecedented market dislocation" following the collapse of FTX. "When a financial institution halts the ability of its customers to withdraw their assets it is either caused by malinvestment
