With FTX's demise and the subsequent chaos, this past week has been the most tumultuous in the history of the cryptocurrency industry. There are rumblings that Binance CEO CZ is considering buying out Genesis' loan book, fueling persistent speculation that he was responsible for causing the FTX crisis.
Before diving into this piece, you may want to catch up on some relevant stories, like how Circle, the issuer of the USDC stablecoin, now supports Apple Pay or how Cathie Wood just purchased 315,000 shares of Grayscale Bitcoin Trust at a steep discount.
Recent rumors claim that CZ is inquiring into Genesis' balance sheet in preparation for making a bid for the loan assets of the firm. Genesis reports $2.8 billion in outstanding loans in its third quarter 2022 report.
A value greater than $2 billion would have to be floated, according to the source, and Genesis' parent firm, Digital Currency Group, is likely to reject any effort by Binance (DCG).
One of the numerous businesses affected by the FTX bankruptcy is Genesis. Genesis Global Capital, Genesis' cryptocurrency lending division, temporarily halted withdrawals due to liquidity concerns brought on by the FTX meltdown.
Do you want to be updated on the most recent NFT and crypto market news, as well as other web3-related developments? Follow us on Twitter.