Crypto brokerage Genesis has warned of the risk of bankruptcy amid contagion from the rapid demise of FTX.
has warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire.
Crypto markets continue to be under pressure on concern about the spreading fallout from the FTX crisis. Bitcoin held losses on Tuesday, trading below US$16 000 at around the lowest level since November 2020. A gauge of the top 100 digital assets has declined more than 70% over the past year. The US attorney’s office for the southern district of New York, led by Damian Williams, spent several months working on a sweeping examination of cryptocurrency platforms with US and offshore arms and had started poking into FTX’s massive exchange operations, according to people familiar with the investigation.
Tiger Global, which pays Bain more than $100-million/year to research private companies, has now written down its $38-million FTX stake to zero, the people said. Sam Bankman-Fried’s oversight of a vast web of FTX-linked entities was one of the risks highlighted during the due diligence process, but the money manager still believed it was a sound investment at the time, one of the people said.
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