The "liquidity problem" flash mob continues, something really big might join. Everything is done in order to bankrupt customers, in other words, to squeeze out money under the pretext that it's not us, it's just that by chance the stars on the market converged for us at a profit, at a loss for you.
Bloomberg: Crypto Brokerage Genesis Is Said to Warn of Bankruptcy Without Funding
According to Bloomberg sources, crypto brokerage Genesis is trying to raise funding due to a liquidity crisis (what a fashionable and if you look at the dumb phrase). However, if the funds are not found, the company will have to declare bankruptcy. Sources said Genesis is trying to raise at least $1 billion.
According to Bloomberg, the company has already been in talks about potential investments from the Binance crypto exchange (again to this TOP exchange). What to expect? Cloning a former help history (FTX)? Or will it be different this time?
You also need to understand that Genesis is a subsidiary of DigitalCurrencyGroup. Which belongs to Grayscale. Grayscale's Trouble Is A Potential Sale Of Over 630,000 BTC To Solve Problems!
The plot of the game-fear in this fraudulent performance is thought out quite logically. If everything works out, there will be no one to blame. Grayscale declined (https://cointelegraph.com/news/grayscale-cites-security-concerns-for-withholding-on-chain-proof-of-reserves) to provide proof of its reserves, citing "security concerns" and adding, that all funds are stored on the Coinbase exchange. The exchange confirmed the availability of funds, but the FUD did not stop there.
A very bad sign. Removed page with team members on the website (https://dcg.co/page-not-found/) Digital Currency Group
BlockFi, Genesis and other almost dead companies are the largest holders of GBTC shares. Which merged with a high degree of probability, which is logical.
You also need to understand that all the cryptocurrency on the balance sheets of the company belongs to the company, not to the clients. This is the main reason why this game is started. The clients of the company only own shares in the trust.
Grayscale charges 1-3% (depending on the trust) per annum just to hold the crypto that is backing the GBTC shares.
DCG, as the parent company of Grayscale, had to be bought out of-Grayscale-Bitcoin-Trust-OTCQX-GBTC) #GBTC shares to somehow keep the share price.
A new bigger show is actually playing out after FTX with a rather sad potential ending (if things don't go beyond intimidation for a negative dump). Also remember how during the bull run this company Grayscale was advertised everywhere and the balance sheets were glowing (luring hamsters). Pay attention to how iconic with black humor the invented name of the company was. Gray scale - just like a movie about sado-masochism with an identical name.
This material is a translation of the original article in Russian. The structure of the article is preserved, the photos are presented as is.
The author of the original article - Spartacus of Macedon
Communication with the author (telegram) - @SpartakMakedonskiu
Link to original article - https://t.me/SpartaBTC777/7193 , https://t.me/SpartaBTC777/7194
Link to the author's telegram channel - https://t.me/SpartaBTC777
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