It’s unclear how dangerous issues will get, nonetheless. Genesis, based on Silbert, is going through a liquidity challenge however is just not bancrupt. Placing apart the $175 million Genesis misplaced in an FTX buying and selling account, the lending firm’s actual issues stem from the early days of the crypto contagion, when one in all its largest purchasers, the now-defunct hedge fund Three Arrows Capital (3AC), filed for chapter. Genesis filed a $1.2 billion declare in opposition to 3AC, and will have loaned the hedge fund upwards of $2.36 billion, based on a courtroom submitting. It’s prone to get a fraction of that again within the 3AC chapter course of.
/cdn.vox-cdn.com/uploads/chorus_asset/file/24830575/canoo_van_photo.jpeg "All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’")
