Monday, November 21, 2022

"FTX Latest: Genesis Bankruptcy Warning Weighs on Crypto Markets"

From Bloomberg via Yahoo Finance, November 21, 8:17 PM:

Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire.

Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX.

The fall of Bankman-Fried’s businesses, including trading desk Alameda Research, is contributing to reduced liquidity in crypto markets.

Concerns about Genesis and other ailing crypto outfits, such as BlockFi Inc., are unnerving investors. A selloff in Bitcoin paused Tuesday but the token remains around the lowest level since November 2020.

Key stories and developments:...